Forex Flash: USD/CAD, trend is negative in the short run - TDS
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USD/CAD
FXstreet.com (Barcelona) - USDCAD is in a consolidation range between support in the upper 0.98 area and resistance in the mid/upper 0.99s, says Shaun Osborne, Chief FX Strategist at TD Securities.
He is inclined to think that while "the trend is negative in the short-run, the broader potential here is constructive." Shaun adds that "a dip to the high 0.98s remains possible, if not likely, in the next day or so." The Analyst remains bullish "while 0.9886 support holds and favour buying dips" he notes.
TDS's Mr. Osborne concludes: "There is still no definitive signal that this market is turning lower from a longer-term view. That may yet comeif the USD losses more ground in the week. For now, we'll stick with the cautiously bullish stance."
He is inclined to think that while "the trend is negative in the short-run, the broader potential here is constructive." Shaun adds that "a dip to the high 0.98s remains possible, if not likely, in the next day or so." The Analyst remains bullish "while 0.9886 support holds and favour buying dips" he notes.
TDS's Mr. Osborne concludes: "There is still no definitive signal that this market is turning lower from a longer-term view. That may yet comeif the USD losses more ground in the week. For now, we'll stick with the cautiously bullish stance."
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