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16 Jul 2013
Flash: USD/CAD downside risks mount below 1.0410/15 – TD Securities
FXstreet.com (New York) - According to the TD Securities Team, “The USD/CAD continues to consolidate in the short-run and, pattern-wise, implications are still tilting negative.”
Moreover, the market has made a number of runs at getting back above 1.0425/30 in the past few sessions with no success and now, the USD is resting on the base of a bear flag or wedge pattern. “We have to assume that downside risks will increase in the near-term if the market slips below 1.0410/15 on a sustained basis over the next 24 hours – key short-term support is 1.0325/30.” the team adds.
Moreover, the market has made a number of runs at getting back above 1.0425/30 in the past few sessions with no success and now, the USD is resting on the base of a bear flag or wedge pattern. “We have to assume that downside risks will increase in the near-term if the market slips below 1.0410/15 on a sustained basis over the next 24 hours – key short-term support is 1.0325/30.” the team adds.