CAD: Guided by the data – TDS

According to analysts at TD Securities, while the data is unlikely a game-changer for the BoC, it should drive sentiment towards the loonie over the next few sessions.

Key Quotes

“USDCAD has drifted lower, reflecting a reduction the global risk premium. However, the data will send either a green light or a red stop sign on whether USDCAD can making a convincing break of some key technical levels below 1.29.”

“We are dip buyers here and prefer to remain long AUDCAD and fade the bounce in CADNOK. We hold long EURCAD exposure through riskies.”