Forex Flash: USD/CAD to extend gains in the near-to-medium term – TD securities

FXstreet.com (Barcelona) - Watching US stocks tumbling down yesterday, TD Securities said that this is not the typical run into the year end for risk assets, "which have tended to reflect the fact that the November-January period is historically the best three month period for stock market returns (the "Santa Clause" rally) over the year", wrote analyst Shaun Osborne and Greg Moore, pointing to the CAD as the top-performer on the session so far on the G-10 ladder. "Broadly though, we stick with the view that the environment is not especially supportive for the CAD and look for a little more slippage versus the USD in the near-to-medium term", they added, suggesting that the USD may be bottoming intraday and "may push higher again to retest 1.0040 resistance". "We continue to look for a move up to the 1.0150/1.0250 range", they said, pointing to support at 0.9985/95.