Downward correction in USDCAD has run its course - TD Securities

FXStreet (Łódź) - The Rates, FX and Commodities Research team at TD Securities believe that technical factors are turning bullish after the rebound from 1.0600/50 and the fundamental data flow is likely to remain challenging for the CAD.

Key quotes

"Market positioning is neutral and there is no incentive for investors to get long CAD, in our opinion."

"We think there is a risk that Canada's June CPI data disappoints to the downside, which should help push USDCAD to, and perhaps through,1.08."