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11 Feb 2013
Forex Flash: USD/CAD targets 1.0185/1.02 near-term – TD Securities
The CAD is driven more by the “usual suspects” of commodity prices and interest rate differentials than risk appetite, and USD/CAD gains on Friday were mainly moved by weak employment data. Tomorrow, BoC’s Carney & Macklem will testify in Ottawa while President Obama delivers the State of the Union.
"Three days’ worth of gains (Wed-Fri) confer a positive feel to the longer-term charts and support the impression that we have had for some time now that the broader trend here is higher", wrote analysts Shaun Osborne and Greg Moore. "The trend up looks well-entrenched on the charts and we expect limited downside for the market from here", they added, pointing to support at 0.9990/10 (200-day MA), while targeting 1.0185/1.02 near-term, then 1.03.
"Three days’ worth of gains (Wed-Fri) confer a positive feel to the longer-term charts and support the impression that we have had for some time now that the broader trend here is higher", wrote analysts Shaun Osborne and Greg Moore. "The trend up looks well-entrenched on the charts and we expect limited downside for the market from here", they added, pointing to support at 0.9990/10 (200-day MA), while targeting 1.0185/1.02 near-term, then 1.03.