Forex Flash: USD/CAD will remain supported on dips - TDS

While USD/CAD is currently at 1.0116 retracing from yesterday's fresh 6-month highs at 1.0137, Toronto based FX Research Team at TD Securities “remain bullish USD,” the team says, pointing: “Key short-term support now is 1.0050/1.01,” thinking “USD/CAD will remain well supported on modest dips now.”

The team adds: “The breach of the 1.0050/1.01 area occurred over the long weekend for much of North America but the move is in keeping with the recent trend towards USD strength and is not showing any sign of backing off as markets return to full capacity,” they conclude.