FXStreet (Edinburgh) - Strategists at TD Securities have reiterated the positive stance in the pair in the short-term.
Key Quotes
“USDCAD’s underwhelming response to a very bearish crude oil inventory report suggests that the market had already anticipated a very large build despite a much lower consensus expectation”.
“Nonetheless, we still think the risks tilt higher for USDCAD over the coming weeks but funds’ reluctance to trade higher yesterday suggests to us that a flush lower will be a necessary precondition to secure the topside risks that we foresee towards the end of the year”.
“Thus far, funds has been pinned around the 1.3280 area but a dip towards the 1.3200/20 should be an attractive point to be adding to strategic longs. Today’s US retail sales data may provide the catalyst; focus should be on the underlying core measures where we see downside risks”.
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