The Growth Aces Research Teamviews the short-term outlook for USD/CAD as unclear, but stay bullish on the pair over the medium-term.
Key Quotes
“We stay sideways on the USD/CAD.”
“Medium-term outlook is still bullish, because the Fed is likely to raise its rates much sooner than the Bank of Canada.”
“However, short-term outlook is unclear.”
“We may see some corrective moves in oil prices which would be supportive for the CAD.”
“Moreover, in our opinion market expectations for one more interest rate cut in Canada are much too high.”
“Resistance: 1.2546 (high Feb 6), 1.2585 (high Feb 5), 1.2591 (high Feb 4)”
“Support: 1.2375 (low Feb 6), 1.2353 (low Feb 3), 1.2324 (21-dma)”
Key Quotes
“We stay sideways on the USD/CAD.”
“Medium-term outlook is still bullish, because the Fed is likely to raise its rates much sooner than the Bank of Canada.”
“However, short-term outlook is unclear.”
“We may see some corrective moves in oil prices which would be supportive for the CAD.”
“Moreover, in our opinion market expectations for one more interest rate cut in Canada are much too high.”
“Resistance: 1.2546 (high Feb 6), 1.2585 (high Feb 5), 1.2591 (high Feb 4)”
“Support: 1.2375 (low Feb 6), 1.2353 (low Feb 3), 1.2324 (21-dma)”
