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27 Aug 2014
USD/CAD 1.0930 is key to the upside
FXStreet (Guatemala) - Shaun Osbourne, Chief FX Strategist at TD Securities noted that USD/CAD traded a little softly through yesterday’s session and losses have extended sharply through the overnight session, dumping USD/CAD back below 1.09.
Key Quotes
“USD/CAD has clearly run into some stiff resistance just below 1.10 in the past couple of weeks which may be related to options structured around the figure.
"Hourly charts suggest that the USD sell-off has stalled and is trying to turn up in early dealing here. But it may take a rise through 1.0930 to underpin that impression in our session”.
“We remain USD/CAD bulls but we would rather see funds take back more of the overnight slide by the close of the week to support our conviction."
Key Quotes
“USD/CAD has clearly run into some stiff resistance just below 1.10 in the past couple of weeks which may be related to options structured around the figure.
"Hourly charts suggest that the USD sell-off has stalled and is trying to turn up in early dealing here. But it may take a rise through 1.0930 to underpin that impression in our session”.
“We remain USD/CAD bulls but we would rather see funds take back more of the overnight slide by the close of the week to support our conviction."