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13 Aug 2013
Flash: Cad making slow progress – TD Securities
FXstreet.com (Barcelona) - Research teams at TD Securities note the Canadian dollar is slightly lower.
Key Quotes:
“Despite a more active overnight session for global macro developments, the FX majors have mostly been confined to consolidative ranges—with the exception of the JPY, which is sharply lower on the back of comments from the Japanese Prime Minister suggesting corporate tax cuts may be in the cards. Such comments helped lift equities in Asia and the positive tone has carried over to equities and commodities in the European session, but in the FX space the USD is still the modest outperformer overall”.
“The CAD is slightly lower along with most majors against the USD this morning, although beginning today the week becomes busier in terms of US event risks that could jolt the pair a little more than we’ve seen since the beginning of the week”.
“On the charts, USD/CAD has only made very small progress higher from the lows set at the beginning of trading this week. That leaves the broader range still firmly intact between 1.0250 and 1.0440/45”.
“From a broader perspective, the daily and weekly charts show signs of fading momentum in the move higher, but we still see the more neutral price action of late July/early August as a consolidative phase that should lead a move to higher levels”.
Key Quotes:
“Despite a more active overnight session for global macro developments, the FX majors have mostly been confined to consolidative ranges—with the exception of the JPY, which is sharply lower on the back of comments from the Japanese Prime Minister suggesting corporate tax cuts may be in the cards. Such comments helped lift equities in Asia and the positive tone has carried over to equities and commodities in the European session, but in the FX space the USD is still the modest outperformer overall”.
“The CAD is slightly lower along with most majors against the USD this morning, although beginning today the week becomes busier in terms of US event risks that could jolt the pair a little more than we’ve seen since the beginning of the week”.
“On the charts, USD/CAD has only made very small progress higher from the lows set at the beginning of trading this week. That leaves the broader range still firmly intact between 1.0250 and 1.0440/45”.
“From a broader perspective, the daily and weekly charts show signs of fading momentum in the move higher, but we still see the more neutral price action of late July/early August as a consolidative phase that should lead a move to higher levels”.