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USD/CAD funds breaks key support - TD Securities

FXStreet (Łódź) - TD Securities team of analysts observe that the USD/CAD rise has come to a standstill on Thursday.

Key quotes

"Support in the low 1.09s broke overnight and it seems the pair might want to test 1.0870, which summarizes the confluence of the 100- and 200-day MA, as well as the 38% retracement of the March-June decline."

"We would advise to remain humble today, ready to react nimbly to price action dictated by flows in anticipation of a noisy day tomorrow."

"The recent consolidation around 1.0920/90 is clearly at an inflection point and, although we remain USD/CAD bulls, it is hard to hold a strong conviction for pair either side of 1.09 in the short term."

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