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USD/CAD bid with firm 1.0800 support

FXStreet (Guatemala) - Shaun Osbourne, Chief FX Strategist at TD Securities explained the conditions surrounding USD/CAD.

Key Quotes

"USD/CAD has opened the week bid following the somewhat puzzling reaction to Canadian CPI data on Friday, which saw funds fading the dip that followed the release of stronger than expected core inflation rather quickly to end the day up by 0.3%."

"On the charts, on the downside, we spot support at 1.0920/30, although the daily chart still suggests the low 1.08 would be a firmer support base, as it is the area where May/June and August lows converge with retracement support."

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