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23 May 2013
Flash: USD/CAD dips are a buy – TD Securities
FXstreet.com (London) - TD Securities research team said that the technical picture looks a little less compelling for the bullish USD/CAD view but they see is no clear reversal in the trend, just a pretty big dent at this stage.
They noted that the USD/CAD has peeled smartly off the overnight highs, leaving the 1.0390/1.04 area as firm resistance now. Adding, that that bullish trend momentum across a range of timeframes should mean solid support for USD/CAD on dips and they look for the low 1.03 area to contain USD weakness. They still think USD dips are a buy.
They noted that the USD/CAD has peeled smartly off the overnight highs, leaving the 1.0390/1.04 area as firm resistance now. Adding, that that bullish trend momentum across a range of timeframes should mean solid support for USD/CAD on dips and they look for the low 1.03 area to contain USD weakness. They still think USD dips are a buy.