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15 Mar 2013
Forex Flash: Loonie ready for a decent pullback - TDS
Carried on rising oil prices, the Loonie had a +0.52% advance against the USD by the NY close overnight, leaving behind a double high in the USD/CAD pair around 1.0337 from early March, last around fresh 3-week lows 1.0217.
Despite this move, “We continue to be broadly bearish on the CAD for the coming months,” said Toronto based TD Securities analyst Greg T. Moore, adding: “but the potential for a positive turn in Canadian data combined with massively short speculative positioning could be a recipe for a decent pullback in the near term,” he suggested.
Despite this move, “We continue to be broadly bearish on the CAD for the coming months,” said Toronto based TD Securities analyst Greg T. Moore, adding: “but the potential for a positive turn in Canadian data combined with massively short speculative positioning could be a recipe for a decent pullback in the near term,” he suggested.