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FXstreet.com (Barcelona) - The CAD isn't reacting to the stronger Chinese trade data as well as the AUD and NZD, as it can't leverage as much from a rebound in Chinese growth. "But in a broader context, the CAD response is probably lagging a little at least", say TD Securities analysts Shaun Osborne and Greg Moore, adding that, "with US stocks probing five year highs, the CAD should perhaps be doing even better than it already is".

"The short-term charts reflect steady range trading in funds since late November on the one hand and the fact that the recent USD losses are putting some quite important support points under pressure on the other", they wrote, favoring more range trading at the margin, while short-term studies are slightly bearish biased, suggesting key support (0.9825 in our opinion) may come under more pressure near-term. Below 0.96825, the target should be 0.9700.

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