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USDCAD: Upward journey towards the 1.40 mark in sight - TDS

FXStreet (Delhi) – Ned Rumpeltin, European Head of Currency Strategy at TD Securities, suggests that USDCAD continues to ratchet higher, breaking to fresh 11-year highs.

Key Quotes

“While this fits closely with our medium-term view of a move up to as high as the 1.40s, we had been looking for some downside risk in the very near term as energy markets have remained stable and interest rate differentials had narrowed in Canada’s favour over the last several days.”

“Yesterday’s weaker-than-expected retail sales report provided the immediate catalyst for the move, but USDCAD has been participating in line with other major currencies in the broader upmove in the USD since last week’s FOMC. The 1.3354 level now forms the key pivot for today’s session. A weekly close above this mark suggests a potential extension to 1.3645 in coming weeks.”

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