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15 Mar 2013
Forex Flash: Loonie ready for a decent pullback - TDS
Carried on rising oil prices, the Loonie had a +0.52% advance against the USD by the NY close overnight, leaving behind a double high in the USD/CAD pair around 1.0337 from early March, last around fresh 3-week lows 1.0217.
Despite this move, “We continue to be broadly bearish on the CAD for the coming months,” said Toronto based TD Securities analyst Greg T. Moore, adding: “but the potential for a positive turn in Canadian data combined with massively short speculative positioning could be a recipe for a decent pullback in the near term,” he suggested.