USD/CAD long-term buy into 1.2850 – Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    In view of strategists at Westpac, dips towards the mid-1.2800s represent buying opportunities.

    Key Quotes

    “Some cautionary signals warn USD/CAD's fall is complete - key tech support back to Aug 2014 resides at 1.3250 and the size and duration of the correction off 1.47 now broadly matches the metrics of earlier reversals (Mar-May 2015 & Aug-Oct 2015)”.

    “That said, the BoC/Poloz commentary in coming days should trigger further CAD gains, Poloz likely to be cautiously optimistic given energy prices have based, US growth is stronger and Q4 Canadian GDP was stronger than expected”.

    “Potential for fresh fiscal stimulus in the 22 Mar Federal Budget another catalyst for CAD gains. USD/CAD could break 1.30 in coming weeks but its a long term buy into 1.2850”.
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