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Weaker Crude should weigh on CAD – TDS

FXStreet (Barcelona) - The Research Team at TD Securities see crude prices remaining under pressure, and feel weaker crude could weigh on CAD post option expirations.

Key Quotes

“Crude prices remain under pressure this morning, with WTI falling to nearly $73 before recovering some ground but USDCAD remains capped below 1.14. “

“Weaker crude prices should weigh on the CAD but we may have to get through the raft of option expiries in the high 1.13s through the 1.14 level today at 10ET before the market sees more of a response. “

“We think softer commodities generally alongside the recent widening in US/Canada spreads suggest that USDCAD should probably be trading nearer 1.1450 at the moment.”

“We think the recent flat range in USDCAD will continue to play out near-term with funds supported in the 1.1295/1.1305 zone, if we even get that low today, and capped—in the short-run—around 1.14.”

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