Flash: CAD responds on metals – TD Securities

FXstreet.com (London) - Research at TD Securities have noted that Canada has returned today from the long weekend with USD/CAD little changed overall from the levels seen prevailing last Friday.

They said that a bounce in commodity prices (led by metals) yesterday did give the commodity currencies a bit of a lift on Monday but the CAD bounce did not extend too far. They would rather think that last week’s soft Canadian CPI print is still dragging on the CAD’s broader performance. The team are not convinced that yesterday’s recovery in gold signalled a major turn in what remains a soft trend overall for that market.