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12 Mar 2015
USD/CAD: Downside space to 1.23 area on the cards?
FXStreet (Guatemala) - USD/CAD is currently trading at 1.2700 with a high of 1.2770 and a low of 1.2615.
USD/CAD is sitting in the upper half of the 4 cent range still, with tests at the 1.27 figure but failing to be very convincing at this stage. Analysts at TD Securities in fact explained that another failure around 1.28 may become more of an issue for USD/CAD if spot cannot recover today's slide and strengthen further through the end of the week.
"Our basic premise over the past few weeks has been that consolidation—and more USD/CAD weakness—was more likely than the USD piling on the gains as we move into Q2. Holding 1.28 again through the close of the week would suggest that a return to the 1.23 area remains a possibility in the next few weeks. We spot strong support now at 1.2565 and major, pivotal support at 1.2375 (potential double top trigger) below here."
USD/CAD is sitting in the upper half of the 4 cent range still, with tests at the 1.27 figure but failing to be very convincing at this stage. Analysts at TD Securities in fact explained that another failure around 1.28 may become more of an issue for USD/CAD if spot cannot recover today's slide and strengthen further through the end of the week.
"Our basic premise over the past few weeks has been that consolidation—and more USD/CAD weakness—was more likely than the USD piling on the gains as we move into Q2. Holding 1.28 again through the close of the week would suggest that a return to the 1.23 area remains a possibility in the next few weeks. We spot strong support now at 1.2565 and major, pivotal support at 1.2375 (potential double top trigger) below here."