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Minor headwinds for the broader USD/CAD bull trend - TD Securities

FXStreet (Łódź) - Shaun Osborne and Martin Schwerdtfeger from the TD Securities Toronto FX Research Team signal that even though they remain bullish on USD/CAD long-term, they nevertheless see some headwinds for the current broader bull trend.

Key quotes

"After pushing on to near 1.11, the market may need to consolidate after failing to break above the figure."

"We have noted a seasonal bias towards USD weakness through September and early October and while that has not manifested itself too obviously thus far, it may impede the USD’s ability to rally more obviously near-term."

"At the start of this month, we had thought that the USD risked slipping back below 1.08 briefly but that looks less likely at this point; we spot firm support in the upper 1.08 area on the daily chart now where trend support is slowly converging with the 200-day."

"We want to buy USDCAD dips."

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