Back
20 Mar 2013
Forex Flash: USD/CAD, look to buy dips to the low 1.02 - TDS
FXstreet.com (Barcelona) - Despite the recovery on the USD/CAD, printing its highest at 1.0280, Shaun Osborne, Chief FX Strategist at TDS, notes "we are a little cautious on topside prospects still."
While we do think the retracement lower from the 1.0340 high may have run its course after finding good support close to the 38.2% Fibonacci retracement zone, broader trend dynamics are still fairly weak. The short-term scenario favours range-trading rather than a bullish break out. We would still rather look to buy dips—to the low 1.02 area—than chase this market higher."
While we do think the retracement lower from the 1.0340 high may have run its course after finding good support close to the 38.2% Fibonacci retracement zone, broader trend dynamics are still fairly weak. The short-term scenario favours range-trading rather than a bullish break out. We would still rather look to buy dips—to the low 1.02 area—than chase this market higher."