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USD/CAD Downside Remains Weaker Side – TD Securities

FXStreet (Barcelona) - Analysts at TD Securities see USD/CAD pressuring support in the low 1.13 area.

Key Quotes

“USDCAD spent a quiet day range trading Tuesday and, with only a smattering of second-tier data on tap today, it may be a case of more of the same for funds in the near term.”

“The softer bias the developed in the market late last week after the US/Canada jobs data one-two remains evident, however, with funds looking a little soft and pressuring support in the low 1.13 area again this morning.”

“The short-term charts have a slightly soft look to them this morning, in our opinion, with USDCAD testing minor support around 1.1330 as our session gets underway.”

“We think the key pivot point for the market is still 1.1295—look for losses to extend to the mid/upper 1.12s on a break lower or for spot to rebound towards the high 1.13s again if support holds.”

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