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5 Feb 2013
Forex: USD/CAD in red around 0.9980
The Loonie has managed to recover ground lost to its neighbor on Tuesday, as markets are a tad biased towards the risk aversion.
The research team at TD Securities favors buying dips on the cross for a test of 1.02/1.03, adding, “Support for a modest rebound in USD/CAD at least comes from the minor trend resistance break and the generally better bid tone fort the USD since the start of the North American trading session”.
The cross is now losing 0.10% at 0.9978 with the immediate support at 0.9948 (low Feb.4) ahead of 0.9937 (MA21d).
On the flip side, a breakout of 1.0008 (MA10d) would clear the way to1.0088 (Upper Bollinger).
The research team at TD Securities favors buying dips on the cross for a test of 1.02/1.03, adding, “Support for a modest rebound in USD/CAD at least comes from the minor trend resistance break and the generally better bid tone fort the USD since the start of the North American trading session”.
The cross is now losing 0.10% at 0.9978 with the immediate support at 0.9948 (low Feb.4) ahead of 0.9937 (MA21d).
On the flip side, a breakout of 1.0008 (MA10d) would clear the way to1.0088 (Upper Bollinger).