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AlanCollins
Alan Collins talks us through his trade in USDCAD which he believes has upside potential after a period of consolidation: "The backdrop to this currency pair is the fact that through December and January prices were ‘hugging’ the top end of rising Keltner channel – a clear sign of a positive trend. Despite the last 2 days showing sideways movement, the underlying tone remains bullish with profit taking setbacks temporary and limited."
Squawk / 06 May 2014 at 1:28 GMT
FX Consultant / IFXA Ltd
Canada
USDCAD Toronto Range 1.0950-85

USDCAD jumped in the early Toronto session but struggle at 1.0980 and drifted lower into the lunch hour (2 hrs) bottoming out at 1.0950 and flat-lined for the rest of the day. Going out on a limb here, but the risk of stronger than expected Canadian data this week culminating in a strong employment report with a doveish US FED argues for further loonie gains. On the other hand, short CAD positions on the IMM have been greatly reduced, the BoC governor is perceived as favouring a weaker currency and there is a ton of resistance levels between 1.0840 and 1.0940, suggesting that CAD gains will be hard to achieve. In addition the US DX is also well supported between 79.30-50

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