Forex Flash: US surveys today predominantly USD-positive – TD Securities

FXstreet.com (Barcelona) - The CAD has benefiting from USD selling, being lifted to new highs for March. “We continue to foresee a lower CAD for the months ahead, but near term risks suggest a possibility for a decent pullback from recent losses”, wrote analysts Shaun Osborne and Greg Moore, adding that “the potential for a positive turn in Canadian data starting next week, combined with the currently enormous short speculative positioning could be a recipe for near term CAD gains”.

US Empire manufacturing and Michigan confidence may be key drivers for the USD/CAD today, predominantly to the upside (USD-positive). "USD/CAD’s slide yesterday broke trend support built on March lows, and shifted the short term trend into negative gear, from neutral", they added, pointing to support at 1.0200 and in the mid to low 1.01 area, while resistance is at 1.0250/60.