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29 Apr 2013
Forex: USD/CAD continues its march south
FXstreet.com (Barcelona) - The Canadian dollar continues its appreciation against the greenback on Monday, hovering over 1.0135/40 as the demand for risk associated assets and commodities keeps growing.
“The drop under the 1.0290 double top trigger at 1.0234 last week targeted a measured move drop to 1.0177, we noted last week. But the market has overshot the downside target, reaching the 1.0140 area. As 1.0142 is 161.8% of the measured move potential, we rather look for the market to steady near-term and perhaps push higher to the upper 1.01 zone in the next day or so”, commented FX Strategists S.Osborne and G.Moore at TD Securities.
As of writing, the cross is down 0.33% at 1.0135 with the next support at 1.0084 (low Apr.11) ahead of 1.0076 (MA100d) and finally 1.0055 (low Feb.18).
On the upside, a breakout of 1.0171 (high Apr.29) would expose 1.0203 (MA200h) and then 1.0214 (high Apr.26).
“The drop under the 1.0290 double top trigger at 1.0234 last week targeted a measured move drop to 1.0177, we noted last week. But the market has overshot the downside target, reaching the 1.0140 area. As 1.0142 is 161.8% of the measured move potential, we rather look for the market to steady near-term and perhaps push higher to the upper 1.01 zone in the next day or so”, commented FX Strategists S.Osborne and G.Moore at TD Securities.
As of writing, the cross is down 0.33% at 1.0135 with the next support at 1.0084 (low Apr.11) ahead of 1.0076 (MA100d) and finally 1.0055 (low Feb.18).
On the upside, a breakout of 1.0171 (high Apr.29) would expose 1.0203 (MA200h) and then 1.0214 (high Apr.26).