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20 Feb 2014
Flash: USD/CAD, buy dips - TDS
FXStreet (Guatemala) - Strategists at TD Securities said, “Look to buy modest dips” in USD/CAD.
Key Quotes:
“USD/CAD has consolidated yesterday’s rally so far today; we expect limited pullbacks for the market from here as the broader structure of price action has turned very positive for USD/CAD from a short, medium and longer-term point of view over the course of the past couple of sessions”.
“The strong rebound from support in the low 1.09 area was positive, suggesting that the correction from 1.12+ was complete. But the break higher through channel resistance in the low/mid 1.09 area really implies a resumption of the broader bull trend (bull flag interpretation implies a repeat of the 1.06/1.12 rally from the break out point)”.
“We look for short-term support at 1.0980/1.1020, major support at 1.0945 now).
Key Quotes:
“USD/CAD has consolidated yesterday’s rally so far today; we expect limited pullbacks for the market from here as the broader structure of price action has turned very positive for USD/CAD from a short, medium and longer-term point of view over the course of the past couple of sessions”.
“The strong rebound from support in the low 1.09 area was positive, suggesting that the correction from 1.12+ was complete. But the break higher through channel resistance in the low/mid 1.09 area really implies a resumption of the broader bull trend (bull flag interpretation implies a repeat of the 1.06/1.12 rally from the break out point)”.
“We look for short-term support at 1.0980/1.1020, major support at 1.0945 now).