By eFXdata — Sep 08 - 08:44 AM
TD Research discusses the USD and CAD near-term outlook.
"The USD has continued to build off the recent base, now eyeing the 50% retracement level of the late summer move. The price action feels a bit random, lacking any real motivation and drivers. FX will likely tune in to the broader risk sentiment and global growth outlook, where a firmer USD has dovetailed with negative global data surprises," TD notes.
"Central banks remain in focus again with the BoC taking center stage. They're likely the newest camper at camp cautious, reflecting a downshift in growth expectations. In turn, USDCAD would likely push through 1.27, offering a selling opportunity around 1.28," TD adds.
TD Bank Research/Market Commentary