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18 Jun 2013
Flash: Bear pressure is easing up on USD/CAD - TDS
FXstreet.com (Barcelona) - Despite no indication of strong signs of a rebound are present at this point, bear pressure is easing up on USD/CAD, according to Shaun Osborne, Chief FX Strategist at TDS.
The formation of a descending wedge pattern over the course of the past week, is, in view of Osborne, "synonymous with weakening downward momentum." The abrupt bounce off 1.0150 level, while not enough positive signs of a sustained price
rotation higher, suggest that the strong selling pressure is unlikely to continue, Osborne adds.
The formation of a descending wedge pattern over the course of the past week, is, in view of Osborne, "synonymous with weakening downward momentum." The abrupt bounce off 1.0150 level, while not enough positive signs of a sustained price
rotation higher, suggest that the strong selling pressure is unlikely to continue, Osborne adds.