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12 Jul 2013
Flash: USD/CAD focuses BoC – TD Securities
FXstreet.com (London) - Research teams at TD Securities suggested that USD/CAD for the next few days, provides an opportunity to consolidate the recent softness.
“We do not expect the USD to fall significantly, providing there are no adverse surprises in the incoming US data.” They continued to say that that CAD focus falls on the BoC meeting next Wednesday where rate hike prospects may end up sounding even less imminent. “The rally in funds has certainly experienced a technical setback but the drop may not be fatal for the broader rally. Support in the low 1.03 area is holding and the outlook only turns outright negative below 1.0140, we think. Above 1.0420/25 is bullish. “
“We do not expect the USD to fall significantly, providing there are no adverse surprises in the incoming US data.” They continued to say that that CAD focus falls on the BoC meeting next Wednesday where rate hike prospects may end up sounding even less imminent. “The rally in funds has certainly experienced a technical setback but the drop may not be fatal for the broader rally. Support in the low 1.03 area is holding and the outlook only turns outright negative below 1.0140, we think. Above 1.0420/25 is bullish. “