Forex Flash: USD/CAD to be capped at upper 0.98s today – TD Securities
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USD/CAD
FXstreet.com (Barcelona) - TD Securities analysts see no current theme in the FX market today, but risk assets may be a little disappointed that Fed Chairman Bernanke's comments late yesterday did not do more to address the market's relatively hawkish interpretation of the December FOMC minutes.
In regard to the USDCAD: "Risk/FX correlations have weakened in the recent past but we stress that USDCAD's correlationwith the S&P 500 remains a rather compelling -73%, on the basis of our rolling 22-day study of daily returns", wrote analysts Shaun Osborne and Greg Moore, adding that the cross struggled to push above the short-term trend resistance in the mid 0.98s and hasn't really picked up too much ground. "We see resistance in the upper 0.98s is likely to hold USDCAD gains on the session", they said.
In regard to the USDCAD: "Risk/FX correlations have weakened in the recent past but we stress that USDCAD's correlationwith the S&P 500 remains a rather compelling -73%, on the basis of our rolling 22-day study of daily returns", wrote analysts Shaun Osborne and Greg Moore, adding that the cross struggled to push above the short-term trend resistance in the mid 0.98s and hasn't really picked up too much ground. "We see resistance in the upper 0.98s is likely to hold USDCAD gains on the session", they said.
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