The research team at TD Securities remarked, “USD/CAD’s move through the November high around 1.0050 opens up the topside in funds a little more. We think spot should move to test the 1.0120/1.0150 range at least (the latter point being the 50% retracement of the 1.0445/0.9630 move lower seen last year). Trend momentum is strong across the shorter-term time frames and is strengthening on the weekly chart as well. If trend strength signals continue to align, upside risks will rise significantly we think”.
The pair is advancing 0.69% at 1.0089 facing the next resistance at 1.0106 (high Jul.27) ahead of 1.0132 (low Jul.23) and then 1.0135 (61.8% of 1.0446-0.9633).
On the downside, a break below 1.0085 (high Aug.2) would bring 1.0077 (high Aug.3) and then 1.0057 (high Nov.16).