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Forex Flash: USD/CAD modest bounces liable to attract sellers for now - TDS

FXstreet.com (Barcelona) - “No bounce at all in the CAD and the continuing trend lower may extend from a short-term point of view,” note Toronto based FX Research Team at TD Securities, when USD/CAD is last at 1.0070, off fresh 2-month low at 1.0050 in early NY trade, down -0.93% for the week so far.

“The short-term trend lower has developed decent momentum over the course of the past week and now, the risk seems to be that the slide in USD/CAD may extend,” the analysts add, suggesting “modest bounces are liable to attract sellers for now.”

“We think the risk of more weakness is increasing quite sharply. The move down in USD/CAD may represent a big flush out of accumulated CAD shorts over the past week and therefore prove transitory but we need a few days here to recalibrate and reassess,” they conclude.

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