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TD Securities analysts suggest that the USD’s sogginess has helped to pull USD/CAD pair near key daily uptrend support and they anticipate dips below 1.31 will find support however the CAD still lacks merit.

Key Quotes

“The BOC is in no urgency to hike anytime soon and basic balance remains awful.”

“The backdrop for risk is beginning to look a bit more circumspect after a remarkable rally YTD.”

“Correlation studies indicate that CAD appears the most sensitive on a risk pullback, suggesting a look lower in CAD/JPY is appropriate. We also like CAD/SEK lower.”