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USD/CAD back to 1.10 - TD Securities

FXStreet (Łódź) - The TD Securities team of analysts point out that while the CAD was one of the best performers on Wednesday it hasn't fared so well today, with USD/CAD trading once again close to the 1.10 area.

Key quotes

"There were no obvious drivers of the CAD rise yesterday as correlations with the typically influential factors on spot are low."

"In fact, eye-balling a decent move in spreads over the past few days (wider, in the USD’s favour) and further weakness in commodity prices (especially the slide in crude oil to new cycle lows—and looking generally weak), this morning’s CAD performance is perhaps a better reflection of these factors."

"After the weak price action in USD/CAD in the past couple of sessions which has seen the USD give back more than half of the gains made since the middle of last week, technical factors suggest solid resistance in the market above 1.10."

"But the short-term (hourly) chart suggests that USDCAD has broken out of the consolidation that had developed after Monday’s run higher and the relentless bid for the USD may prompt another run at the low 1.10s in our session."

"We still rather think technical signals suggest strong resistance above the figure."

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