TDS: trade signal for USD/CAD
TDS trade signal: buy USD/CAD at 1.0730, with stop at 1.0600 and target of 1.1000.
According to analysts at Toronto Dominion Securities (TDS), the downward correction in USD/CAD has run its course. Technical factors are turning bullish after the rebound from 1.0600/50. In thir view, the fundamental data flow is likely to remain challenging for the CAD.
"Market positioning is neutral and there is no incentive for investors to get long CAD, in our opinion. We think there is a risk that Canada's June CPI data disappoints to the downside (Friday, 12:30 GMT), which should help push USD/CAD to, and perhaps through,1.08", TDS analysts explain.
Chart. Daily USD/CAD