USD/CAD: TDS expects short-term consolidation before a rise toward 1.37

Strategists at TD Securities believe that the USD/CAD is in a short-term consolidation pattern, although it could test 1.37 by the year's end.

"Yesterday, we noticed that our estimate of the daily value of the USD/CAD was around 1.3110, and that's pretty much where we are today".

"By focusing on the evolution of the market in general, we believe that the USD/CAD will remain on hold".

"So we think a trend within a range is the most likely scenario in the coming days, but we will keep an eye on what will emerge from the Jackson Hole Symposium at the end of the week".

"We maintain a bullish bias regarding the evolution of the USD/CAD in the medium term, with a target of 1.37 at the end of the year".