Research teams at TD Securities noted: “It is the worst G-10 performer over the past week and the second-worst performer over the past month behind the AUD with the Kiwi in third-worst spot’. “Over the past month, commodity prices broadly (as measured by the CRB) are little changed and Canada/US spreads have remained close to the upper end of the trading range in place since the start of the year. Ordinarily, this would broadly supportive backdrop for the CAD so weakness in the currency suggests that investors are liquidating CAD positions regardless of these variables,- said they. - USD/CAD is consolidating the past week’s gains on the charts today but the broader trend remains bullish in our opinion. The market struck, and reversed forcefully from, an important low at 1.0250 in the past week. This sets the USD up for further gains near-term. Minor resistance in the low 1.04 area is restricting USD gains for now but we look for a push to the mid/upper 1.05 area to occur in the next 2-4 weeks. We expect firm support in the mid/upper 1.03 area from here”.