17 Jan 2014
Flash: USD/CAD still a buy? - TD Securities
FXstreet.com (Guatemala) - Shaun Osbourne, Chief FX Strategist at TD Securities suggested that funds is a buy on dips. So far, the pair has certainly been a bullish opportunity on dips.
Key Quotes
"Buy the dip, that is. The USDCAD bull trend has wobbled in the past couple of sessions as investors book profits on longs and CAD buyers went bargain hunting".
"Still, we expect little in terms of a CAD bounce until the BoC meeting next week at least and even then... There are risk to this outlook; there is no need for the BoC to rush into rate cuts—or into signaling a dovish bias—but expectations are running higher in this regard."
"Investors may be disappointed if policy is not shifted a little more towards accommodation but Governor Poloz’s recent comments have certainly not indicated a rush to ease."
"Downside risks for USDCAD are fairly limited from here as 1.0810/50 is a major support zone now".
Key Quotes
"Buy the dip, that is. The USDCAD bull trend has wobbled in the past couple of sessions as investors book profits on longs and CAD buyers went bargain hunting".
"Still, we expect little in terms of a CAD bounce until the BoC meeting next week at least and even then... There are risk to this outlook; there is no need for the BoC to rush into rate cuts—or into signaling a dovish bias—but expectations are running higher in this regard."
"Investors may be disappointed if policy is not shifted a little more towards accommodation but Governor Poloz’s recent comments have certainly not indicated a rush to ease."
"Downside risks for USDCAD are fairly limited from here as 1.0810/50 is a major support zone now".