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USD/CAD to reach 1.18 in the long term – TDS

FXStreet (Barcelona) - FX Strategists, Shaun Osborne and Martin Schwerdtfeger at TD Securities, view the broader outlook for USD/CAD to be positive and anticipate it to reach the 1.18 target in the next few months.

Key Quotes

“We still think the broader outlook for USDCAD is technically positive but the short-term chop around the 1.13/1.14 range is undermining positive momentum here to a degree and may see the recent consolidation extend near-term. We look for solid support on USD weakness to the low 1.12s—trend channel base, reinforced by the 40-day MA in the event of a push below 1.13 in the next few days.”

“USDCAD is capped around 1.14 and liable to retest 1.1295/05 support near term; overall outlook remains USD-positive.“

“EURCAD slips back to range base; support will hold for now but the broader risk is geared towards a drop to the 1.35/1.38 range.”

“AUDCAD's short-term rally stalls and turns near the recent range highs.”

“GBPCAD's sustained push below range support suggests a retest of the September low.”

“CADJPY nears 103 target; underlying trends are positive.”

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