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27 Mar 2014
USD/CAD leaves greenback looking soft – TDS
FXStreet (Guatemala) - Strategists at TD Securities noted, on the daily chart, USD/CAD’s leak lower through last week’s break out points in the low 1.11 area yesterday and extending below the 40-day MA (1.1085) today leaves the USD looking quite soft.
Key Quotes:
“In the past few weeks, visits to, or a little back below, the 40-day MA have proved to be a buying opportunity but there is little sign that buyers are stepping up interest in any meaningful way today so far”.
“We should see firmer support emerge ahead of 1.1029, last week’s low; USD losses below here turn the picture a little more obviously bearish from a short-term point of view at least”.
Key Quotes:
“In the past few weeks, visits to, or a little back below, the 40-day MA have proved to be a buying opportunity but there is little sign that buyers are stepping up interest in any meaningful way today so far”.
“We should see firmer support emerge ahead of 1.1029, last week’s low; USD losses below here turn the picture a little more obviously bearish from a short-term point of view at least”.