11 Aug 2015
USD/CAD could be well supported around 1.2850/1.2900 – TDS
FXStreet (Edinburgh) - The FX Strategy Team at TD Securities believes occasional pullbacks in the pair should find decent support in the 1.2850/1.2900 band.
Key Quotes
“In the absence of major economic data, USDCAD is in a small consolidation mode in a broad 1.3000/1.3200 range”.
“In the event we break below we do see ultimate support around the 1.2850/1.2900 area. We think this will hold given that this is the post-BoC level from July 15th”.
“The data today or the events in China should not do that much in terms of having an impact for funds today. If anything, funds has been compressing towards our fair value estimate which has been rather sticky at ~1.30”.
Key Quotes
“In the absence of major economic data, USDCAD is in a small consolidation mode in a broad 1.3000/1.3200 range”.
“In the event we break below we do see ultimate support around the 1.2850/1.2900 area. We think this will hold given that this is the post-BoC level from July 15th”.
“The data today or the events in China should not do that much in terms of having an impact for funds today. If anything, funds has been compressing towards our fair value estimate which has been rather sticky at ~1.30”.