Trade Idea: Royal Bank of Canada (RY) VS The Toronto-Dominion Bank (TD)

This is a setup that is starting to come in focus for me.  $RY$TD is a long-time favorite pair but I haven’t traded it since last summer.  Statistics aren’t as good as you would think for this spread and it can be a really slow mover.

The spread is not quite ripe for a position yet, but $RY is starting to look cheap relative to $TD.  Keep an eye out for $RY to print $55.50.  A big red flag would be a new 52-wk highs in $TD.

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