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2 Jun 2015
USD/CAD points to 1.26/1.28 – Westpac
FXStreet (Edinburgh) - Strategists at Westpac expect the pair to edge higher towards the 1.26/1.28 band.
Key Quotes
“Notwithstanding the very obvious risks around US and Canadian employment data later this week, we see strength in USD/CAD continuing towards the 1.26/1.28 highs in coming weeks”.
“A likely no change from OPEC in terms of production targets should continue to cap WTI in the early $60s, another factor that should limit gains in the C$”.
“Impulsive USDCAD bounce from key support at 1.1980/00 (major Fibonacci retracement / 1 year uptrend support) has gained momentum. Recent break above 1.2440/50 confirms ongoing upward pressure”.
Key Quotes
“Notwithstanding the very obvious risks around US and Canadian employment data later this week, we see strength in USD/CAD continuing towards the 1.26/1.28 highs in coming weeks”.
“A likely no change from OPEC in terms of production targets should continue to cap WTI in the early $60s, another factor that should limit gains in the C$”.
“Impulsive USDCAD bounce from key support at 1.1980/00 (major Fibonacci retracement / 1 year uptrend support) has gained momentum. Recent break above 1.2440/50 confirms ongoing upward pressure”.