Forex Flash: USD/CAD favors buying USD dips – TD Securities
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USD/CAD
FXstreet.com (Barcelona) - TD Securities analysts see the CAD/S&P500 correlation (+55%) as far stronger than the CAD/oil correlation (modestly negative). So, eyeing the US index is a good idea as risk appetite is the most important short-term market variable for the CAD at the moment.
Technically for the USDCAD, they believe the cross has formed a firm short-term base at least in the low 0.98s after last week's rally: "Near-term resistance at 0.9960 (tested 5 times since late November) is strong but we look for limited weakness in the USD (to the high 0.98s) intraday at least", wrote analysts Shaun Osborne and Greg Moore, favoring buying USD dips.
Technically for the USDCAD, they believe the cross has formed a firm short-term base at least in the low 0.98s after last week's rally: "Near-term resistance at 0.9960 (tested 5 times since late November) is strong but we look for limited weakness in the USD (to the high 0.98s) intraday at least", wrote analysts Shaun Osborne and Greg Moore, favoring buying USD dips.
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