USD/CAD still looks soft – TDS

FXStreet (Guatemala) - Strategists at TD Securities explained that the USD/CAD still looks soft on the daily chart.

Key Quotes:

“A firmer close today or, at least, avoiding a very soft close would be a plus for the USD in countering what remains a fairly heavy looking short-term chart”.

“Trend support off the Jan-March consolidation base continues to provide some underpinning for the market after last week’s big USD long liquidation trade”.

“The 40-day MA at 1.1081 today underscores the depth of resistance above the market”.