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21 Jun 2013
Flash: A look ahead, CAD, EUR/USD - BMO
FXstreet.com (London) - Stephen Gallo, FX Strategy, BMO financial Group gives a couple of pointers.
He said there are opportunities in EUR/USD to be very US-data driven for now, with the ECB’s balance sheet still shrinking and diminishing downside EUR pressure, the best opportunities to short EUR/USD are likely to remain with the US data and through watching fluctuations in the US yield curve. He say's that EUR/USD's technical picture is currently forming a bearish weekly reversal (close below 1.3177 on Friday would confirm it).
On the CAD, he said, a “vacuum” to 1.0700 building on a break of the 1.04500-1.0500 range. Carrying over from this week, he thinks longer-term US bond yields and their key technical levels will be important factors to watch for signs that USD/CAD is ready for another push higher
He said there are opportunities in EUR/USD to be very US-data driven for now, with the ECB’s balance sheet still shrinking and diminishing downside EUR pressure, the best opportunities to short EUR/USD are likely to remain with the US data and through watching fluctuations in the US yield curve. He say's that EUR/USD's technical picture is currently forming a bearish weekly reversal (close below 1.3177 on Friday would confirm it).
On the CAD, he said, a “vacuum” to 1.0700 building on a break of the 1.04500-1.0500 range. Carrying over from this week, he thinks longer-term US bond yields and their key technical levels will be important factors to watch for signs that USD/CAD is ready for another push higher