5 Nov 2015
USD/CAD could visit 1.3460 in the near term – Westpac
FXStreet (Edinburgh) - Strategist at Westpac Richard Franulovich has argued the pair could test recent highs at 1.3460 in the next weeks.
Key Quotes
“Pullback in USD/CAD from its recent 1.33 highs never really threatened 1.30 and may have done some good in clearing out some stale USD/CAD longs. From here further topside seems to beckon”.
“Any strength in crude oil through USD50/bbl is likely to prove self-defeating to the extent it forestalls output cuts while Dec Fed hike odds are likely to hold near 50% at a minimum in coming weeks, delivering more sustained support for USD/CAD”.
“USD/CAD a buy into 1.3050/1.3000 targeting a retest of the recent highs near 1.3460 from late Sep”.
Key Quotes
“Pullback in USD/CAD from its recent 1.33 highs never really threatened 1.30 and may have done some good in clearing out some stale USD/CAD longs. From here further topside seems to beckon”.
“Any strength in crude oil through USD50/bbl is likely to prove self-defeating to the extent it forestalls output cuts while Dec Fed hike odds are likely to hold near 50% at a minimum in coming weeks, delivering more sustained support for USD/CAD”.
“USD/CAD a buy into 1.3050/1.3000 targeting a retest of the recent highs near 1.3460 from late Sep”.