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17 Oct 2013
Flash: USD/CAD gets back to the range base – TD Securities
FXstreet.com (Athens) – Greg Moore on behalf of TD Securities mentions that the USD is lower overall this morning and risk assets are on the defensive; not what we would have expected as an initial reaction to the US averting default.
Key Quotes
“USD/CAD did close with a heavy tone yesterday, having initially traded higher through the session and the initial move down seems to have stalled around the 1.03 point so far today.”
“We find it hard to endorse the weak USD trend at this point, the USD already look fundamentally undervalued to a modest degree and we would expect some bargain hunting to emerge between 1.0250/00 (200-day MA at 1.0254).”
Key Quotes
“USD/CAD did close with a heavy tone yesterday, having initially traded higher through the session and the initial move down seems to have stalled around the 1.03 point so far today.”
“We find it hard to endorse the weak USD trend at this point, the USD already look fundamentally undervalued to a modest degree and we would expect some bargain hunting to emerge between 1.0250/00 (200-day MA at 1.0254).”