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12 Aug 2014
USD/CAD attempting to consolidate- TD Securities
FXStreet (Łódź) - The TD Securities team of analysts remark that following yesterday's strong Canadian July Housing Starts reading USD/CAD stabilized briefly before dropping again to the 1.0919 level.
Key quotes
"Although failure to break 1.0990 twice stalled the upward momentum that had built through July, the fact that support around 1.0910 has repeatedly held leads us to see this as a period of consolidation that should constitute the basis for the resumption of the broader upward trend for the pair."
"A break of support in the low 1.09s would cast 1.0830 as the next key support level, but we do not see fundamental reasons for a renewed push lower; on the contrary, we think funds should succumb to the broader trend higher for the greenback."
"The domestic data calendar will remain light until Friday, so Funds will be driven by flows, external data and geopolitical headlines over the next two days."
We still expect a push on the low 1.10s shortly and a rise to the 1.11/1.12 area in the next few weeks."
Key quotes
"Although failure to break 1.0990 twice stalled the upward momentum that had built through July, the fact that support around 1.0910 has repeatedly held leads us to see this as a period of consolidation that should constitute the basis for the resumption of the broader upward trend for the pair."
"A break of support in the low 1.09s would cast 1.0830 as the next key support level, but we do not see fundamental reasons for a renewed push lower; on the contrary, we think funds should succumb to the broader trend higher for the greenback."
"The domestic data calendar will remain light until Friday, so Funds will be driven by flows, external data and geopolitical headlines over the next two days."
We still expect a push on the low 1.10s shortly and a rise to the 1.11/1.12 area in the next few weeks."