Forex: USD/CAD extending the correction lower
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USD/CAD
FXstreet.com (Barcelona) - The cross is intensifying its correction lower after failing to follow through 0.9870 once again, following Monday's unsuccessful attempt. After finding renewed strength, the Loonie is now resuming its depreciation against its neighbour, around 0.9842
"With longer-term trend momentum signals still in bearish territory, USDCAD is likely to struggle to gain significant altitude we think. We prefer "fading" USDCAD rallies still", recommended the research team at TD Securities.
At the moment the cross is up 0.09% at 0.9846 facing the next hurdle at 0.9860 (MA10d) ahead of 0.9892 (MA21d) and then 0.9896 (daily cloud base).
On the other hand, a drop beyond 0.9815 (Low Jan.11) would accelerate declines towards 0.9795 (61.8% of 0.9633-1.0057) and 0.9764 (low Oct.11).
"With longer-term trend momentum signals still in bearish territory, USDCAD is likely to struggle to gain significant altitude we think. We prefer "fading" USDCAD rallies still", recommended the research team at TD Securities.
At the moment the cross is up 0.09% at 0.9846 facing the next hurdle at 0.9860 (MA10d) ahead of 0.9892 (MA21d) and then 0.9896 (daily cloud base).
On the other hand, a drop beyond 0.9815 (Low Jan.11) would accelerate declines towards 0.9795 (61.8% of 0.9633-1.0057) and 0.9764 (low Oct.11).
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