TD Research expects a 2-3% rally in the USD across the board over the coming weeks.

"Given how stretched the EUR and other currencies sit on our dashboard, the USD can rally on positioning and short-term value without the need for growth," TD notes. 

"A 2-3% rally in the broad USD would sink the EUR back below 1.20, limit GBP to 1.35, and propel USDCAD back through 1.30. Against this, we also like the structural bullish JPY story, fading rallies towards 105," TD adds.