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Forex Flash: CAD to continue fall after Canada CPI and Retail Sales – TD Securities

TD Securities analysts saw somewhat better mood in commodities (and less dovish talk from the RBA) lifting the AUD and the NZD through the overnight session, but the CAD is expected to further under-perform today, “based on the likelihood that this morning’s Canadian data continue to paint a sluggish picture for the economy”, wrote analysts Shaun Osborne and Greg Moore, suggesting that the CAD is “recalibrating” to the softer domestic growth trend evident through the second half of last year. “The soft undertone likely has a little more room to run”, they added.

In regard to technical analysis: “We think the broader trend higher remains well-entrenched in the market, however, and the scope for USD/CAD losses should remain very limited from here", wrote the TD Securities analysts, expecting a move above 1.0250 and possibly a rise to 1.0450, while support is at 1.0150/60 and support.

Forex: AUD/USD pushes higher, hits 2-day peak

The Australian dollar continues to recover ground against the greenback ahead of the NY open, with AUD/USD reaching 2-day highs still underpinned by RBA Stevens comments, which sounded surprisingly less dovish-than-usual.
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Forex Flash: NOK heads off list of underperformers in 2013 – UBS

One of the biggest underperformers of 2013 so far has been the Norwegian krone. According to Research Analyst Gareth Berry at UBS, “The EUR/NOK is trading at close to 7.50 and is now some distance away from our 1m forecast of 7.30. Perhaps even more surprisingly, the NOK/SEK has all but collapsed and a break below the 2012 low of 1.1200 looks within reach. Many clients have questioned whether this move is justified as there should be several aspects for NOK, which are quite supportive.”
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