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27 Jan 2014
USD/CAD erases daily losses
FXstreet.com (Córdoba) - The USD/CAD managed to trim intraday losses after falling to a 4-day low at the beginning of the New York session.
The USD/CAD bottomed out at 1.1031 with the subsequent bounce extending above the 100-hour SMA to a session high of 1.1065. At time of writing, the USD/CAD is trading at the 1.1060 area, virtually unchanged since opening.
USD/CAD technical outlook
"The CAD might have stopped falling for the moment but there is little reason to expect a rebound any time soon", said the TD Securities team. "USDCAD losses represent position adjustment only and should remain limited (1.10 area) for the moment. We remain broadly bullish; our short-term objective remains the high 1.12s".
The USD/CAD bottomed out at 1.1031 with the subsequent bounce extending above the 100-hour SMA to a session high of 1.1065. At time of writing, the USD/CAD is trading at the 1.1060 area, virtually unchanged since opening.
USD/CAD technical outlook
"The CAD might have stopped falling for the moment but there is little reason to expect a rebound any time soon", said the TD Securities team. "USDCAD losses represent position adjustment only and should remain limited (1.10 area) for the moment. We remain broadly bullish; our short-term objective remains the high 1.12s".