28 Jul 2014
USD/CAD: Short term bullish trend – TD Securities
FXStreet (Łódź) - The TD Securities team remain bullish on the USD/CAD, as they believe that technical factors are supportive (targeting a rise to 1.09, at least, near-term) and fundamental factors should be USD-supportive this week.
Key quotes
“We look for a slightly more constructive view on the economic outlook—and more tapering—from the Fed and we expect this week’s US data round to support the big dollar.”
“Domestic focus will fall on Canadian GDP data towards the end of the week (consensus calls for a 0.3% m/m rise in industry-level GDP for May and a 2.3% gain in the year, from 2.1% in April).”
“From a technical point of view intraday, we think the short-term dynamics of the market are USD-supportive.”
“Trend momentum is aligned bullishly across a range of shorter-term time frames which points towards more near-term gains—and pressure on the low 1.08 area noted above—we feel.”
“This morning, we look for a push through 1.0815 to get the ball rolling topside and trigger another wave of gains towards 1.09. We look for firm support on dips to the high 1.07s from here.”
Key quotes
“We look for a slightly more constructive view on the economic outlook—and more tapering—from the Fed and we expect this week’s US data round to support the big dollar.”
“Domestic focus will fall on Canadian GDP data towards the end of the week (consensus calls for a 0.3% m/m rise in industry-level GDP for May and a 2.3% gain in the year, from 2.1% in April).”
“From a technical point of view intraday, we think the short-term dynamics of the market are USD-supportive.”
“Trend momentum is aligned bullishly across a range of shorter-term time frames which points towards more near-term gains—and pressure on the low 1.08 area noted above—we feel.”
“This morning, we look for a push through 1.0815 to get the ball rolling topside and trigger another wave of gains towards 1.09. We look for firm support on dips to the high 1.07s from here.”