Apr 1, 2013
Forex Flash: USD/CAD selling on rallies through the upper 1.01 area – TD Securities
FXstreet.com (Barcelona) - TD Securities analysts “still rather think the CAD can fight back a little more at least against the strengthening in the USD seen since the start of the year”, wrote analyst Shaun Osborne and Greg Moore, observing that short-term Canada-US spreads have steadied in the past week or so, and that the next round of top flight domestic data—Canadian trade and employment data are released Friday—may perhaps determine whether the CAD can improve much more from here. The USD/CAD is currently unable to really regain 1.0180 since losing that support point last week and trading below the 40-day MA. “We still think the market will be inclined to sell USD rallies through the upper 1.01 area for the moment and that a deeper retracement of this year’s USD rally—getting the USD back closer to 1.00 perhaps—beckons”, they added.