Forex Flash: USD/CAD move up through par may still happen – TD Securities

FXstreet.com (Barcelona) - The USDCAD is negatively correlated, by -70%, with the performance of the S&P 500, according to TD Securities analysts' rolling 22-day study of daily returns: "In that context, we have to think that the better mood for risk today at least is likely to be decently CAD-supportive especially considering the fact that there are no US/Canada data releases to focus on", wrote analysts Shaun Osborne and Greg Moore, pointing a heavy pair, with lack of momentum suggesting more range trading rather than a break lower. "More broadly, we have not given up on the potential for USDCAD to move up through par in the next few weeks but sustained weakness below 0.9800/25 would be big blow against that view", they added, pointing to resistance at 0.9915/20.