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18 Jul 2013
Flash: USD/CAD pullback needed to stabilize – TD Securities
FXstreet.com (New York) - According to the TD Securities Team, “The technical picture for the USD/CAD looks a little weaker so far today, though not decisively so.”
“Much will hinge on where we close out the session today overall – a sustained move below short-term support at 1.0374 (bear wedge base) levitates the risk that USD/CAD takes another tumble but the market seems reluctant to commit so far today. Intraday losses below 1.0325/30 would underpin that outlook. From here, USD/CAD really needs to move back through 1.0425/45 to stabilize.” the team adds.
“Much will hinge on where we close out the session today overall – a sustained move below short-term support at 1.0374 (bear wedge base) levitates the risk that USD/CAD takes another tumble but the market seems reluctant to commit so far today. Intraday losses below 1.0325/30 would underpin that outlook. From here, USD/CAD really needs to move back through 1.0425/45 to stabilize.” the team adds.