18 Feb 2016
USD/CAD: buy the dips to 1.3500 – Westpac
Robert Rennie and Imre Speizer, strategists at Westpac, suggest that pullbacks to the 1.3500 level could be buying opportubnities.
Key Quotes
“USD/CAD has enjoyed a good run lower over the past month and could extend beyond minor support at 1.3640 to 1.3500, particularly if the recent rebound in oil prices continues”.
“However, we would be buyers at 1.3500, if seen, ahead of the next BOC meeting on 9 March”.
“We still expect to see softer data (business surveys fl ag more soggy jobs reports in coming months) and thus a softer tone from the BoC”.
Key Quotes
“USD/CAD has enjoyed a good run lower over the past month and could extend beyond minor support at 1.3640 to 1.3500, particularly if the recent rebound in oil prices continues”.
“However, we would be buyers at 1.3500, if seen, ahead of the next BOC meeting on 9 March”.
“We still expect to see softer data (business surveys fl ag more soggy jobs reports in coming months) and thus a softer tone from the BoC”.