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CAD soft after poor jobs data - TD Securities

FXStreet (Łódź) - The TD Securities team of analysts observe that USD/CAD is trading lower following the very disappointing Canadian employment numbers released last Friday.

Key quotes

"Weak domestic fundamentals and the risk of more geo-political tensions around the globe suggest that the near-term outlook for the CAD is going to be challenging."

"The high-beta G-10 currencies—those most sensitive to risk and growth such as the CAD, AUD and NZD—typically suffer more relative to the perceived safe havens (JPY and USD) in times of tension."

"Despite the poor jobs data Friday, USD/CAD gains could not extend through the August 6th high and the market has spent the first few hours of trading this week in consolidation mode."

"We still expect firm support on dips to the low 1.09 area—1.0925/35 intraday—and, with the underlying trend up in USD/CAD still deeply entrenched in the market, we expect a push on the low 1.10s shortly and a rise to the 1.11/1.12 area in the next few weeks."

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