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26 Mar 2013
Forex: USD/CAD in 5-week lows
FXstreet.com (Barcelona) - The Canadian dollar is appreciating against the greenback for the second consecutive session, now dragging the cross to the boundaries of 1.0170, levels last seen in late February.
“We still think the market is consolidating but we had highlighted the 1.0180/85 area as important support for funds and the weakness in the USD below this support zone this morning tips the balance in favour of a bit more softness in the market from here”, signalled the FX research team at TD Securities.
As of writing, the cross is losing 0.41% at 1.0173 and a breakdown of 1.0160 (low Feb.22) would bring 1.0055 (low Feb.28) and finally 0.9995 (high Feb.5).
On the upside, resistance levels line up at 1.0257 (MA21d) ahead of 1.0315 (high Mar.8) and then 1.0329 (high Mar.7).
“We still think the market is consolidating but we had highlighted the 1.0180/85 area as important support for funds and the weakness in the USD below this support zone this morning tips the balance in favour of a bit more softness in the market from here”, signalled the FX research team at TD Securities.
As of writing, the cross is losing 0.41% at 1.0173 and a breakdown of 1.0160 (low Feb.22) would bring 1.0055 (low Feb.28) and finally 0.9995 (high Feb.5).
On the upside, resistance levels line up at 1.0257 (MA21d) ahead of 1.0315 (high Mar.8) and then 1.0329 (high Mar.7).