Forex Flash: Chinese data boosts CAD - TD Securities

FXstreet.com (Barcelona) - They begin by noting that the overnight focus was on Chinese data, where robust import figures suggest domestic demand remains strong and it has boosted commodity currencies including the CAD.

On the charts, they see that USD/CAD has remained under pressure since the post-employment bump higher on Friday. They write, “The bear trend since the beginning of March is still intact, which means a further drift lower is more likely without a significant catalyst. The mid 1.01 area has been sticky so far this week, but a slide below there could see a retest of 1.01 intraday. For us, anything below 1.01 is a buying opportunity. A positive catalyst (see FOMC potential) would look to resistance at 1.02 initially.”