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USD/CAD points to further upside – TDS

FXStreet (Edinburgh) - Strategists at TD Securities see the pair gaining further upside momentum in the near term.

Key Quotes

USDCAD remains pinned close to the midpoint of the 1.3250/1.3370 range that has prevailed for much of November”.

“Spot continues to drift along with WTI crude prices similarly range-bound in recent weeks”.

“Separately, EURCAD remains heavy ahead of next week’s crucial ECB meeting. We continue to favor downside there and target a move below 1.40 as an initial objective in coming days”.

“We do not expect today’s Industrial product and raw materials prices reports to provide the spark for breaking out of this period of consolidation”.

“Next week’s landscape is profoundly different, however, and one that should provide fertile ground for a move higher in USDCAD. This puts us firmly in buy-on-dips territory now and any move lower toward or below 1.3300 should be seen as an opportunity to accumulate longs at advantageous levels”.

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