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22 Mar 2013
Forex: USD/CAD holds downside at 1.0220
FXstreet.com (Barcelona) - The USD/CAD weakened to as low as 1.0220 on expectations of a possible deal between Cyprus and the Eurozone for a bailout that satisfies both sides. Helping such mood were comments from the Cypriot ruling party suggesting confidence that it will happen within the next hours. Since the low at 1.0220, the cross has been bouncing, retracing its losses towards 1.0248.
The economic calendar is empty. On the side of Canada, yesterday’s budget news didn’t anything to the pic-ture but did reaffirm Canada’s solid AAA credentials. Such credit is becoming a rare commodity in current days.
“We still rather think that the set-up on the hourly/6-hourly charts is a bit more bullish though—potential in-verse H&S continuation pattern, with good support emerging this week on the dip to retracement support at 1.0180/85”, wrote TD Securities analysts Shaun Osborne and Greg Moore, pointing to more upside above 1.0275/80.
The economic calendar is empty. On the side of Canada, yesterday’s budget news didn’t anything to the pic-ture but did reaffirm Canada’s solid AAA credentials. Such credit is becoming a rare commodity in current days.
“We still rather think that the set-up on the hourly/6-hourly charts is a bit more bullish though—potential in-verse H&S continuation pattern, with good support emerging this week on the dip to retracement support at 1.0180/85”, wrote TD Securities analysts Shaun Osborne and Greg Moore, pointing to more upside above 1.0275/80.