23 May 2014
USD/CAD to trade comfortably either side of 1.10 - Scotiabank
FXStreet (Córdoba) - Camilla Sutton, analyst at Scotiabank, says CAD strength will be short.-lived and she expects the USD/CAD to trade comfortably either side of 1.1000.
Key Quotes
“The combination of a U.S. recovery, the already sustained weakening in CAD and oil prices above $100 are very positive for the domestic backdrop; however any substantial CAD strength is likely to be met by a reminder from the BoC of the importance of CAD and therefore limit gains. In this environment we expect USD/CAD to trade comfortably either side of 1.10”.
“USD/CAD short‐term technicals: mixed as spot is increasingly range-bound, having been marked by a 10-session narrow 91-point range of 1.0851 to 1.0942, which can also be used as initial support and resistance levels”.
Key Quotes
“The combination of a U.S. recovery, the already sustained weakening in CAD and oil prices above $100 are very positive for the domestic backdrop; however any substantial CAD strength is likely to be met by a reminder from the BoC of the importance of CAD and therefore limit gains. In this environment we expect USD/CAD to trade comfortably either side of 1.10”.
“USD/CAD short‐term technicals: mixed as spot is increasingly range-bound, having been marked by a 10-session narrow 91-point range of 1.0851 to 1.0942, which can also be used as initial support and resistance levels”.