7 May 2015
Buy USD/CAD at current levels – Westpac
FXStreet (Edinburgh) - Strategist Richard Franulovich at Westpac sees the current levels of the pair as a buying opportunity.
Key Quotes
“USD/CAD has now bounced off 1.1940 for a second time in as many weeks, an important breakout level from January coinciding with the Bank of Canada’s then shock rate cut”.
“In both instances the rejection of 1.1940 has been such that the pair has also closed above 1.2000, important psychological support”.
“The run up in crude oil looks overdone too (40%+ in seven weeks). Bottom line USD/CAD increasingly offering value here as an opportunistic buy”.
Key Quotes
“USD/CAD has now bounced off 1.1940 for a second time in as many weeks, an important breakout level from January coinciding with the Bank of Canada’s then shock rate cut”.
“In both instances the rejection of 1.1940 has been such that the pair has also closed above 1.2000, important psychological support”.
“The run up in crude oil looks overdone too (40%+ in seven weeks). Bottom line USD/CAD increasingly offering value here as an opportunistic buy”.