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22 May 2013
Flash: USD/CAD above 1.03 a bridge too far for the week ahead - Westpac
FXstreet.com (Barcelona) - According to Westpac FX Strategy Team, their holdings on CAD positions have been growing since mid-March.
With USD/CAD last at 1.0267 after a strong rejection from weekly highs at 1.0322, “levels where previous rallies this year have failed,” the team notes, Westpac believes it is time to start selling the pair, on hopes that “on balance model signals and event risk seem to suggest a sustained break in USD/CAD above 1.03 is a bridge too far, at least for the week ahead,” Wespac concludes.
With USD/CAD last at 1.0267 after a strong rejection from weekly highs at 1.0322, “levels where previous rallies this year have failed,” the team notes, Westpac believes it is time to start selling the pair, on hopes that “on balance model signals and event risk seem to suggest a sustained break in USD/CAD above 1.03 is a bridge too far, at least for the week ahead,” Wespac concludes.