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31 Jul 2014
USD/CAD retreats sharply and falls below 1.0900
FXStreet (Córdoba) - The USD/CAD turned sharply to the downside and fell more than 50 pips from the highs and recently bottomed at 1.0875. Price soared to 1.0929, reaching a fresh 7-week high but then reversed and erased gains.
Currently trades at 1.0885, 0.19% below today’s opening price, making a bearsih correction after rallying 200 pips from last week levels.
USD/CAD positive for July, holds bullish bias
The US dollar is about to end July in positive territory, the first monthly gain since January. “July has been positive for USDCAD and we continue to feel the broader trend here is higher from here”, said the TD Securities Research Team
“Despite signs of softness so far today, we think any correction will be limited and that there is still a lot more of the 1.12/1.06 decline for the market to correct”, the Team notes and continues to look for the USD/CAD to reach 1.10/1.11 in the weeks ahead.
Currently trades at 1.0885, 0.19% below today’s opening price, making a bearsih correction after rallying 200 pips from last week levels.
USD/CAD positive for July, holds bullish bias
The US dollar is about to end July in positive territory, the first monthly gain since January. “July has been positive for USDCAD and we continue to feel the broader trend here is higher from here”, said the TD Securities Research Team
“Despite signs of softness so far today, we think any correction will be limited and that there is still a lot more of the 1.12/1.06 decline for the market to correct”, the Team notes and continues to look for the USD/CAD to reach 1.10/1.11 in the weeks ahead.