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USD/CAD extends move higher overnight - TD Securities

FXStreet (Łódź) - The TD Securities team of experts observe that USD/CAD continued to advance overnight, as the drop in commodity prices weighed on the CAD and the USD remained strong.

Key quotes

"There will be no domestic data today, and with the BoC public appearances in the rear view mirror — hence unlikely to contribute further upward momentum for funds in the short term, we think the pair will be at the mercy of flows and external developments."

"And, as we noted above, US data will have to deliver robust results today in order to extend, or even sustain the gains accrued by the big dollar in recent days."

"The outlook for USDCAD remains bullish on the charts, as there are no clear caps on the upside."
"Intraday, a break above 1.1480 would open a move towards 1.1550. Longer-term, 1.18 remains in sight over the next few months."

"If US data were to disappoint, 1.1410 –yesterday’s closing — would be the first support, and 1.1360 appears further down the road."

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