11 Apr 2014
USD/CAD may continue to fall short term - TDS
FXStreet (Bali) - Shaun Osborne, Chief FX Strategist at TD Securites, believes that better opportunities still lie in looking to short the CAD in the medium term although he recognizes that short term, the downside pressure in USD/CAD may continue.
Key Quotes
"So broadly, we have to grin and bear it as CAD bears for now. We still think the better opportunities lie in looking to short the CAD in the medium term though."
"We remain fundamentally bearish on the CAD for the reasons outlined above and we are not throwing in the towel on that call. But we have to accept that the trade is not going our way at the moment and that the CAD may well continue to appreciate a little more in the next couple of weeks. Our Q2 target of 1.1760 (85 cents US) look ambitious at this point but we want to see how the market moves in the next few weeks before thinking about changes."
Key Quotes
"So broadly, we have to grin and bear it as CAD bears for now. We still think the better opportunities lie in looking to short the CAD in the medium term though."
"We remain fundamentally bearish on the CAD for the reasons outlined above and we are not throwing in the towel on that call. But we have to accept that the trade is not going our way at the moment and that the CAD may well continue to appreciate a little more in the next couple of weeks. Our Q2 target of 1.1760 (85 cents US) look ambitious at this point but we want to see how the market moves in the next few weeks before thinking about changes."