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USDCAD: Ship is steady for a while - TDS

FXStreet (Delhi) – Research Team at TD Securities, suggests that in the absence of data or key central bank speakers, there is not a whole lot going on for USDCAD.

Key Quotes

“Yesterday’s price action was rather stale and we expect more of the same today (barring erratic moves in WTI). Fair value sits at 1.3215 which is broadly around where we see initial support (1.3200/20) that would provide an attractive point to accumulate strategic longs. As we noted yesterday, we have raised our year-end target to 1.37 reflecting increased risks of a Fed hike.”

“Yesterday’s comments from Rosengren (and Evans earlier in the day) reinforce that the doves of the FOMC have now gravitated towards the core (Yellen, Dudley and Fischer) in support of a prospective rate hike in December (or, that the meeting is “live”). Senior Deputy Governor Wilkins will make introductory remarks at an event in Toronto, but there are no published remarks or press conference making it very unlikely to hear anything monetary policy related.”

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