25 Sep 2013
Flash: USD/CAD waiting for Fed clarity – TD Securities
FXstreet.com (Córdoba) - USD/CAD’s very muted reaction to the decent upside surprise in Canadian retail sales Tuesday is further evidence that domestic developments are a secondary concern for the CAD at the moment, while US data is much more relevant, according to the TD Securities team that commented on the matter.
Key Quotes
“Pressure on the higher yielding commodity currencies has pulled the CAD lower in sympathy overnight—albeit to a much lesser extent—and further risk aversion could also add to USD/CAD support (if for instance political gridlock in the US continues in the coming days)”.
“We are not likely to see a significant move away from recent ranges however, until we get more clarity on the Fed’s outlook”.
“1.0330/35 is the nearest resistance above spot ahead of 1.0355. 1.0300 and 1.0280 are spotted as short term supports”.
Key Quotes
“Pressure on the higher yielding commodity currencies has pulled the CAD lower in sympathy overnight—albeit to a much lesser extent—and further risk aversion could also add to USD/CAD support (if for instance political gridlock in the US continues in the coming days)”.
“We are not likely to see a significant move away from recent ranges however, until we get more clarity on the Fed’s outlook”.
“1.0330/35 is the nearest resistance above spot ahead of 1.0355. 1.0300 and 1.0280 are spotted as short term supports”.