FXStreet reports that analysts at TD Securities discuss USD/CAD prospects.

“MRSI's extreme implied short CAD position has improved, though it remains underweight against other currencies. That said, CAD's trading with a nice discount on the balance of valuation (HFFV and GMPCA) positioning models.”

“We're likely nearing the top in USD/CAD, where we prefer to sell rallies back towards 1.28.”

“The loonie is likely waiting for the return of some form of reflation-lite this fall, with potentially some BoC-inspired carry support.”