31 Jan 2014
Flash: CAD is trading stand alone - TD Securities
FXstreet.com (Guatemala) - Shaun Osbourne, Chief FX Strategist at TD Securities noted that the CAD has not been especially connected to the recent resurgence of the risk on/off trends in the market.
Key Quotes:
"USD/CAD slides into month end on a soft note… The CAD has not been especially connected to the recent resurgence of the risk on/off trends in the market."
"As noted above, the AUD has broadly been more sensitive to swings in EM FX and equities and even the GBP is recording a tighter correlation with equities than the CAD at the moment. The CAD is just marching to its own beat at the moment and that means that domestic data may have more of an impact than usual."
"We remain bullish overall and continue to target the 1.1265/75 area as our near-term technical objective. That would effectively take USD/CAD through key medium-term technical resistance at 1.1236 (50% retracement of the 1.31/0.94 move down seen between 2009/2011) and, if sustained, would open up the topside for further medium-term gains towards 1.17 (our mid-year target under our recently revised forecasts)."
Key Quotes:
"USD/CAD slides into month end on a soft note… The CAD has not been especially connected to the recent resurgence of the risk on/off trends in the market."
"As noted above, the AUD has broadly been more sensitive to swings in EM FX and equities and even the GBP is recording a tighter correlation with equities than the CAD at the moment. The CAD is just marching to its own beat at the moment and that means that domestic data may have more of an impact than usual."
"We remain bullish overall and continue to target the 1.1265/75 area as our near-term technical objective. That would effectively take USD/CAD through key medium-term technical resistance at 1.1236 (50% retracement of the 1.31/0.94 move down seen between 2009/2011) and, if sustained, would open up the topside for further medium-term gains towards 1.17 (our mid-year target under our recently revised forecasts)."