Forex Flash: USD/CAD with firmer with support at 0.9885/00 – TD Securities

FXstreet.com (Barcelona) - The CAD is the worst performing currency against a generally weaker USD overall, and that may be due to weaker European equity markets and US futures: "As we continue to point out, the CAD retains a relatively strong (positive) correlation with stocks which currently surpasses its correlation with (stable) commodities and (wide) Canada-US short-term rate spreads", wrote analysts Shaun Osborne and Greg Moore.

In regard to the technical analysis, there is a firmer bias despite trading in narrow ranges since the start of the week: "The CAD has slipped broadly on the crosses today and we think that short-term upside risks will extend for USDCAD above 0.9935/40 intraday for a retest of the upper 0.99 resistance zone", they wrote, pointing to support at 0.9885/00.