Forex: Further bounce favored in USD/CAD – TD Securities

Forex: Further bounce favored in USD/CAD â€" TD Securities

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Forex: Further bounce favored in USD/CAD TD Securities

FITITOL--> FXstreet.com (San Francisco) - USD/CAD is extending the rebound from a 7-month low in the 0.98 area in afternoon trading in the US, having pushed up to the 0.9845 price zone, which is providing short-term resistance and may be the pivot level for the intraday rally, according to TD Securities.

The pair is “better bid still if spot can strengthen above here and better offered later in the session if we fail to push through 0.9845/50,” says TD. “In the near-term, the downside looks a little over-cooked; we favour a modest bounce at least.” At time of writing, the pair is quoted in the 0.9840 price zone, up from 0.9830 late Wednesday. To the upside, resistance lies at 0.9864 (17 April low), while support is noted at 0.9777.