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Sep 3, 2014
CAD firms a Little ahead of BoC - TD Securities
FXStreet (Łódź) - The TD Securities team of analysts observe that ahead of the Bank of Canada interest rate announcement today the USD/CAD fell from the 40s back to near 1.0900.
Key quotes
"Fundamentally, we are USD bullish and think the CAD may emerge from other side of the BoC statement a little softer."
"But technically, the short-term charts suggest that the intraday peak may be in for USDCAD here already and that funds may pressure support around 1.09 (200-day MA at 1.0901)."
"Below here should see 1.0870 retested."
"Contrasting fundamental/technical drivers underscore our broader view that we may remain in a 1.08/1.10 range until a stronger sense of direction develops. "
Key quotes
"Fundamentally, we are USD bullish and think the CAD may emerge from other side of the BoC statement a little softer."
"But technically, the short-term charts suggest that the intraday peak may be in for USDCAD here already and that funds may pressure support around 1.09 (200-day MA at 1.0901)."
"Below here should see 1.0870 retested."
"Contrasting fundamental/technical drivers underscore our broader view that we may remain in a 1.08/1.10 range until a stronger sense of direction develops. "