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28 May 2015
USD/CAD erases daily gans and dips back below 1.2500
FXStreet (Córdoba) - USD/CAD pulled back from above 1.2500 and erased completely intraday gains over the last trading hours, as the greenback recedes across the board.
USD/CAD reached a 2-week high of 1.2537 at the beginning of the American session despite the drop witnessed in oil prices. The greenback weakened broadly and retraced gains versus most competitors without a clear catalyst other than corrective moves. At time of writing, the pair is trading at the 1.2460 area virtually unchanged on the day.
USD/CAD technical perspective
“At the very least, we see limited downside for USD/CAD at the moment; we remain long—looking for 1.28—and would favour opening/adding to USD longs on minor dips to the mid 1.24s”, said the TD Securities team. “Loss of support at 1.2435/40 intraday would signal scope for modest weakness to the high 1.23s where we think stronger technical support should emerge”.
USD/CAD reached a 2-week high of 1.2537 at the beginning of the American session despite the drop witnessed in oil prices. The greenback weakened broadly and retraced gains versus most competitors without a clear catalyst other than corrective moves. At time of writing, the pair is trading at the 1.2460 area virtually unchanged on the day.
USD/CAD technical perspective
“At the very least, we see limited downside for USD/CAD at the moment; we remain long—looking for 1.28—and would favour opening/adding to USD longs on minor dips to the mid 1.24s”, said the TD Securities team. “Loss of support at 1.2435/40 intraday would signal scope for modest weakness to the high 1.23s where we think stronger technical support should emerge”.