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2 Jul 2014
1.0589 to offer strong support - TD Securities
FXStreet (Guatemala) - Shaun Osbourne, Chief FX Strategist at TD Securities sights opportunities to rebuild on USD/CAD.
Key Quotes
"Beyond today, speculative positioning as depicted by the CFTC Commitments of Traders report last week has become more neutral, after sizeable short covering of late. Given that the fundamentals have not shifted in CAD's favor, we think, current levels for the cross would offer opportunities to rebuild CAD shorts. As such, key support at 1.0589 – the low thus far for the year recorded on Jan 2nd – will likely prove a psychological barrier for USD/CAD."
Key Quotes
"Beyond today, speculative positioning as depicted by the CFTC Commitments of Traders report last week has become more neutral, after sizeable short covering of late. Given that the fundamentals have not shifted in CAD's favor, we think, current levels for the cross would offer opportunities to rebuild CAD shorts. As such, key support at 1.0589 – the low thus far for the year recorded on Jan 2nd – will likely prove a psychological barrier for USD/CAD."