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11 Mar 2015
USD/CAD: pushing higher, crosses look soft - TDS
FXStreet (Barcelona) - Shaun Osborne, Chief FX Strategist at TD Securities, views that USD/CAD might remain offered for now, but a push towards 1.28 is likely from here.
Key Quotes
“USDCAD traded well above resistance in the high 1.25/low 1.26 range now and should extend back towards the late January high just above 1.28 from here.”
“The intraday range looks less impressive so far though—narrow and with the USD hardly advancing from opening levels.”
“There still seems to be a bit of a reluctance to push aggressively higher and on the crosses, the CAD is making good progress against the enfeebled EUR, with weakness below 1.3450/1.35 making sub-1.30 levels a realistic target now.”
“AUDCAD also looks poised to pressure 0.96 near-term (especially perhaps if Australia's Labour Force data due overnight disappoints).”
“CADJPY is trading a little heavier on the day, however, below support at 95.70.”
“Early doors, USDCAD looks a little heavy so the initial tone in funds may be better offered but we see good support in the low/mid 1.26s intraday.“
Key Quotes
“USDCAD traded well above resistance in the high 1.25/low 1.26 range now and should extend back towards the late January high just above 1.28 from here.”
“The intraday range looks less impressive so far though—narrow and with the USD hardly advancing from opening levels.”
“There still seems to be a bit of a reluctance to push aggressively higher and on the crosses, the CAD is making good progress against the enfeebled EUR, with weakness below 1.3450/1.35 making sub-1.30 levels a realistic target now.”
“AUDCAD also looks poised to pressure 0.96 near-term (especially perhaps if Australia's Labour Force data due overnight disappoints).”
“CADJPY is trading a little heavier on the day, however, below support at 95.70.”
“Early doors, USDCAD looks a little heavy so the initial tone in funds may be better offered but we see good support in the low/mid 1.26s intraday.“