USD/CAD upside could be limited near 1.2300 – TDS

FXStreet (Edinburgh) - The FX Research Team at TD Securities suggested that the pair might find strong resistance in the 1.2300 area.

Key Quotes

“Intraday, we see resistance for USDCAD at 1.2300/10 and we rather doubt the USD will have the legs to recover beyond that point today (despite the squeeze underway right now)”.

“Short-term trend momentum signals are aligned bearishly for USDCAD, adding to the heavy feel of the market, limiting recovery potential and upping the risk of a short-term (at least) downside overshoot”.