TD Securities - "Trade Recommendations:
Buy EUR/USD at 1.2910 Target of 1.3350; Stop of 1.2810
Cyprus has weighed on the EUR this week but, assuming a deal is reached allowing a bail out to proceed, we think risk/reward favours long positions versus the USD at current levels.
Sell CAD/JPY at 91.90 (stop entry) Target of 86; Stop of 93.90
Without many potential positive catalysts for the CAD, its rebound should not run much deeper. The JPY, however, has depreciated persistently since the autumn and has an enormous amount of stimulus and negative news priced in. CAD/JPY appears to have topped out after failing at a second attempt to make fresh cycle highs last week, and has ample room to pullback."