TD Research notes that after carving out a base around 1.2414, USD/CAD has been gradually inching higher.
“We think the move has some more room to run given that much of the good news is priced into CAD.
For one thing, CAD remains sensitive to a shift in growth momentum.
…Trend followers have also amplified the recent move but the possible upside break of the 5/10dma could signal a further loss of momentum.
This leaves the pair vulnerable to a push back towards 1.27,” TD argues.
Source: TD Securities Research
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