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Forex: USD/CAD in highs around parity

The Canadian dollar is losing ground against the greenback on Friday, currently pushing the cross to the vicinity of the parity level, despite the prevailing risk-on mode.

The research team at TD Securities argues “Consolidation is apparent on the daily chart as well. This week’s correction lower has retraced 50% of the 0.98/1.01 move up… The daily trend momentum oscillator is just about holding a bullish stance and we remain broadly positive on USD/CAD’s outlook… We look for a move to 1.02/1.03 in the next few weeks”.

At the moment, the cross is up 0.23% at 0.9995 with the next resistance at 1.0081 (Upper Bollinger) and then 1.0101 (high Jan.25).
On the flip side, a breakdown of 0.9957 (low Jan.31) would bring 0.9927 (MA21d).

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