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Forex Flash: USD/CAD may target 1.0080/90 near-term – TD Securities

“Fresh short-term cycle lows keeps the focus on the downside for USD/CAD in the short-term, at least”, said analysts Shaun Osborne and Greg Moore, adding that the loss of support in the 1.0180/85 area implied a market that would likely transition from better buyers of USD dips to better sellers of USD strength. “With the market clearly struggling to regain the upper 1.01 area in the past few days and short term trend momentum signals (1-hour, 6-hour and daily) all aligned bearishly, we expect more losses for the USD to accumulate from here”, they continued, indicating short-term resistance at 1.01070 and doubting the market will have the legs to retest 1.0185 for some time. “Look to sell modest USD rallies. We target a drop to 1.0080/90 near-term but losses may extend beyond that”, they concluded, also thinking there is a good chance that the market will retest the par area (200-day MA) in the next few weeks.
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