FXstreet.com (Barcelona) - Without a clear trend in USDCAD present at the moment, Toronto based FX Research Team at TD Securities think that: "While there is little evident desire to lean too hard on the downside, the USD slippage in the past couple of days probably means that intraday rebounds are liable to struggle to get above 0.9905/25 for the moment," the analysts say, adding: "and might even struggle to get back through 0.9875 on the day."

The team has been forced to adapt to current situation, and change in a way their minds: "USDCAD has definitely lost its edge over the holiday break. Earlier in December, we had thought that the move through the top of the Nov/Dec consolidation channel (bull flag) had put funds on track for a push above par to repeat the Sep/Nov rally," they reckon. "That remains a possibility but is clearly a less likely scenario for the market at present," the team concludes.


Filed Under:
Forex pairs in this Article » USD/CAD

comments powered by Disqus