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29 Dec 2014
USD/CAD wavers above 1.1600
FXStreet (Córdoba) - USD/CAD trades little changed on the day, having oscillated within a daily low of 1.1600 and a high of 1.1640, unable to gather momentum either side of the board.
Furthermore, USD/CAD settled in a tight range and entered a sideways phase that extended over the last days after staging a pullback from a 5-year peak of 1.1672 scored Dec 15 that was contained by the 1.1550 zone. At time of writing, USD/CAD is trading at 1.1623, just a few pips above its opening price.
Trading is expected to remain subdued amid low liquidity and no data scheduled for Canada until Friday.
USD/CAD outlook
“Technically, the current price range should be seen as a consolidation ahead of the next move up, although we anticipate it should carry us through to the start of the new year”, said the TD Securities team. The underlying trend remains bullish though, and we would not be surprised if our Q3 1.19 target comes to fruition earlier in the year”.
Furthermore, USD/CAD settled in a tight range and entered a sideways phase that extended over the last days after staging a pullback from a 5-year peak of 1.1672 scored Dec 15 that was contained by the 1.1550 zone. At time of writing, USD/CAD is trading at 1.1623, just a few pips above its opening price.
Trading is expected to remain subdued amid low liquidity and no data scheduled for Canada until Friday.
USD/CAD outlook
“Technically, the current price range should be seen as a consolidation ahead of the next move up, although we anticipate it should carry us through to the start of the new year”, said the TD Securities team. The underlying trend remains bullish though, and we would not be surprised if our Q3 1.19 target comes to fruition earlier in the year”.