USD/CAD testing retracement in mid 1.09’s - TD Securities

FXStreet (Guatemala) - Shaun Osbourne, Chief FX Strategist at TD Securities said that price action in USD/CAD late last week tested, and showed some signs of weakness against, retracement resistance in the mid 1.09s.

Key Quotes:

“We continue to believe that there is limited scope for USD/CAD to weaken at present, however”.

“The broader technical trend has turned more obviously bullish USD/CAD in the past week or so—trend momentum has strengthened and the USD has sustained (on a weekly close basis) gains through some key resistance points (e.g.., the 200-day MA)."