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Forex: USD/CAD hovering over 0.9985/90

The Loonie continues to strengthen against the greenback since last week’s tops in the vicinity of 1.0100, despite the prevailing risk-off tone among traders.

The FX research team at TD Securities pointed out that recent failed attempts to follow through parity level would hint limited gains in the short-term horizon. “Short-term channel (bull flag) resistance (breakout) at 0.9981 is under pressure though and we remain generally bullishly disposed to the outlook for funds. Intraday gains through the low 0.9980s would be bullish. We still prefer to buy dips to the mid 0.99s for a move up to 1.02/1.03”, they’ve informed.

The cross is now advancing 0.21% at 0.9987 facing the next resistance at 0.9999 (MA10d) followed by 1.0081 (Upper Bollinger).
On the downside, a breach of 0.9958 (50% of 0.9815-1.0101) would expose 0.9930 (MA21d).

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