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USD/CAD well supported at 1.28/1.29 – TDS

FXStreet (Edinburgh) - According to strategists at TD Securities, pullbacks in the pair should be well contained around the 1.28/1.29 area.

Key Quotes

“We remain medium-term bears on the CAD as persistent weakness is required to offset Canada's competitive disadvantage”.

“While USDCAD is at fresh highs, rate spreads point to some tactical downside risk but 1.28/1.29 (post-July BoC levels) should act as a durable floor”.

“We like AUDCAD higher as the two economies are in different stages of the ToT shock and spreads suggest the pair should be trading closer to 0.98”.

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