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30 Dec 2014
USD/CAD soft headed towards 1.1600?
FXStreet (Guatemala) - Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank noted that the USD/CAD is soft, falling toward 1.1600.
Key Quotes:
“It appears to be disregarding the impact of softened oil prices and disappointment from China’s leading indicators”.
“USD/CAD technicals continue to highlight 1.1620 as a level of importance, with the mid-point of the Dec 17 doji candle at 1.1616 providing an anchor to recent movement”.
“Near term risk for CAD continues to centre on broader developments in the absence of domestic releases, with oil prices and the U.S. consumer confidence release likely to drive movement”.
“We await a break of the Dec 17 range between 1.1561 to 1.1672”.
Key Quotes:
“It appears to be disregarding the impact of softened oil prices and disappointment from China’s leading indicators”.
“USD/CAD technicals continue to highlight 1.1620 as a level of importance, with the mid-point of the Dec 17 doji candle at 1.1616 providing an anchor to recent movement”.
“Near term risk for CAD continues to centre on broader developments in the absence of domestic releases, with oil prices and the U.S. consumer confidence release likely to drive movement”.
“We await a break of the Dec 17 range between 1.1561 to 1.1672”.