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USD/CAD Range Trade Continues – TD Securities

FXStreet (Barcelona) - The Research Team at TD Securities observe that the market needs a stronger sense of direction for the CAD as USD/CAD trades in a range at 1.13.

Key Quotes

“USDCAD remains range-bound around 1.13 though funds’ slow descent from the mid/upper 1.14s at the start of the month continues to play out from a slightly longer-term perspective as the market seeks a stronger sense of direction for the CAD.”

“Option expiries helped contain the movement in funds last week and more expiries stacked between 1.1250/1.13 today may further limit movement."

“On the charts, we see firm support in the low 1.12s still (channel and 40-day MA) and look for USD losses to slow and reverse from here in the near-term.“

“Weakness below 1.12 would suggest the risk of a little more USD softness into the end of the year before the market rallies in Q1.“

“We remain longer-term USD bulls and we continue to view USD dips as a buying opportunity.”

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