USD/CAD still has 1.30 on sight – Westpac

FXStreet (Edinburgh) - Further weakness in the Canadian dollar could propel spot to the area of 1.3000 in the near term, suggested Strategist Richard Franulovich at Westpac.

Key Quotes

“BoC rate cut odds have firmed dramatically in recent days and we wouldn’t quibble with markets, given the renewed sharp falls in energy markets and April GDP showed a fourth consecutive monthly decline, dashing Poloz’ hopes for a strong Q2 bounce back”.

“A probable ease and dovish policy message should see USD/CAD finally make a solid run at 1.30 next week”.