Flash: USD/CAD brush with 1.0500 reiterates strong support – TD Securities

FXstreet.com (New York) – The TD Securities Team postulates the short-term outlook of the USD/CAD.

Key quotes

“The USD/CAD held up rather well through the overnight session and found consistent support in the upper 1.04 area—just a little below initial retracement support (derived from last week’s 1.03/1.05+ rally).”

“Early weakness in the North American session today stifled an early bid tone but the lack of any significant downside follow-through selling leaves the short-term picture neutral at worst we think, rather than negative. We look for firm support intraday now around 1.0495/1.0505 and for gains back through 1.0530/35 over the next 24 hours to …read more