Back
21 Apr 2015
USD/CAD near-term downside risks – TDS
FXStreet (Barcelona) - FX Strategists at TD Securities see near-term downside risks for USD/CAD towards 1.2132.
Key Quotes
“We like the idea of short USDCAD positions here but we think weakness to the 1.19/1.20 area in the next few weeks—reflecting steadier oil prices and reduced BoC easing expectations—but weakness to the 1.20 area through mid-year will be a solid buying opportunity for the H2 USDCAD rebound we think.”
“Our FV estimate for USDCAD reflects the near-term downside risks facing funds and has shifted a little lower today to 1.2132.”
“Intraday charts suggests a bias towards softness in USDCAD in our session; USDCAD has eased under support in the upper 1.22 area in late morning European trade and should ease back to the 1.22 area. We expect strong resistance in the 1.2300/50 area.”
Key Quotes
“We like the idea of short USDCAD positions here but we think weakness to the 1.19/1.20 area in the next few weeks—reflecting steadier oil prices and reduced BoC easing expectations—but weakness to the 1.20 area through mid-year will be a solid buying opportunity for the H2 USDCAD rebound we think.”
“Our FV estimate for USDCAD reflects the near-term downside risks facing funds and has shifted a little lower today to 1.2132.”
“Intraday charts suggests a bias towards softness in USDCAD in our session; USDCAD has eased under support in the upper 1.22 area in late morning European trade and should ease back to the 1.22 area. We expect strong resistance in the 1.2300/50 area.”