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USD/CAD making steady progress- TD Securities

FXStreet (Łódź) - The TD Securities team of analysts expect the USD/CAD to reach 1.1050 in the near-term and then the 1.12 level in the next few weeks.

Key quotes

"USD/CAD closed firmly Wednesday and made a little more progress overnight to eek out a marginal new cycle high in the upper 1.09s before drifting back."

"After working through corporate selling interest in the mid 1.09s, yesterday afternoon’s push up in the USD broadly took funds through important technical resistance at 1.0960 into the close—just. But 'just' might be good enough."

"We are still bullish and think the rise through 1.0960 will underpin the broader rebound in USD/CAD that really got under way in late July."

"We continue to target 1.1050 near-term but we think 1.12 is reachable in the next few weeks. We target 1.15 in Q1 2015."

"Technically, short-term price action is turning a little heavy as our session gets underway but we think the 1.0950/60 area should provide support for USD/CAD near-term; the underlying bull trend in funds continues to strengthen and that should limit downside corrective potential for the moment."

"Below 1.0950 may see the low 1.09s retested but no more."

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