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USD/CAD heading softer, within range - TD Securities

FXStreet (Łódź) - The TD Securities team of experts believe that US/CAD's inability to rise above 1.13 suggests a softer undertone for the pair in the near-term.

Key quotes

"Short-term momentum measures which were bullish are also softening or turning negative (on the very short-term studies)."

"The charts suggest that the overnight pop higher to just below 1.13 might be a minor peak for funds for now—today’s high may be in, in other words, leaving USD/CAD at risk of a drop back to the 1.12 support zone."

"We think a break of 1.1190 is needed to open up the downside a bit more meaningfully (towards 1.10)."

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