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USD/CAD recovers from Friday’s dip – TD Securities

FXStreet (Barcelona) - The TD Securities team note that USD/CAD is little changed from Friday's close although it has managed to sustain a modest bounce from the overnight lows around 1.1225.

Key Quotes

“The break below the September-November bull channel and 40-day MA on Friday left the pair looking quite heavy on the daily chart. However, as we pointed out following the release of stronger than expected CPI figures on Friday, there are other factors, such as US-Canada interest rate spreads and soft commodity prices, which will continue to offer support for pair.”

“The lack of domestic data today means external drivers and flows will dictate price action.”

“We would look for a close above 1.1260 as supportive, although we would need to see funds trading above 1.1312 (23.2% retracement of the Sept-Nov run) to reduce the risk of a push back to the low 1.11s. Contrarily, a close below 1.1217 (38.2% retracement) would heighten that risk.”

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