Flash: CAD crosses in delicate position – TD Securities

FXstreet.com (New York) - According to the TD Securities Team, “The USD/CAD is stabilizing around the mid-point of the bull trend in place over the past few months (and the 40-day MA) but the consolidation USD/CAD is undergoing leaves the market delicately in place still.”

Moreover, another lurch lower (and a return to a 1.01/1.02 handle) still cannot be excluded as a risk for the near-term outlook for funds.

Meanwhile, the EUR/CAD failed to sustain most of yesterday’s bounce and the long “upper shadow” on yesterday’s candle and the inside range for the market today suggests that the bounce in the cross may have stalled. “We remain more bearishly disposed to the outlook for EUR/CAD in the medium-term.” the team adds.