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13 Mar 2014
Flash: USD/CAD strong support sighted 1.1060- TDS
FXStreet (Guatemala) - Strategists at TD Securities explained USD/CAD is trying to rally but intraday gains still look a bit of a struggle.
Key Quotes:
“The sell-off in funds through the overnight session took the USD below minor support in the 1.1075 area but the slide was losing momentum as the North American session got under and gains through 1.1062 suggested a break out from a steeply declining bull wedge pattern which should put funds on course for a retest of the low/mid 1.11s in the next day or so. We think there is strong support intraday now around 1.1060”.
Key Quotes:
“The sell-off in funds through the overnight session took the USD below minor support in the 1.1075 area but the slide was losing momentum as the North American session got under and gains through 1.1062 suggested a break out from a steeply declining bull wedge pattern which should put funds on course for a retest of the low/mid 1.11s in the next day or so. We think there is strong support intraday now around 1.1060”.