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USD/CAD finds support at 1.2915/20 – TDS
FXStreet (Edinburgh) – The FX Strategy Team at TD Securities argued that spot remains well supported in the low-1.2900s, around 1.2915/20.
Key Quotes
“A very interesting 24 hours for USDCAD which saw the currency pair punch above 1.30 to the 1.3050 area before swiftly correcting in the overnight session to the 1.2970/80 area”.
“It is difficult to square the circle in yesterday’s move with little in the way of news or data flow”.
“Admittedly, we were sweating our call yesterday for a tactical consolidation phase for USDCAD with spot jumping near the 2009 panic highs of 1.3065 but while the correction overnight improves our conviction level it does not yet mean we are out of the woods and we will need to see how domestic players treat the mini-overnight selloff once they arrive at their desks this morning”.
“Technically, USDCAD looks to be in overbought territory on a daily, weekly and monthly RSI and at time of writing, USDCAD is trading near our daily fair value estimate of 1.2970 with WTI oil sub-$50/bbl. In the meantime, we see initial support around the 1.2915/1.2920 area”.
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USD/CAD finds support at 1.2915/20 – TDS
Source: FXStreet
