Analysts at Westpac explained that their model, macro and technical signals escort them into buying USD/CAD on weakness.
"Catalysts for fresh meaningful downside in USD/CAD are running out - crude oil seems to have found a ceiling around $40/bbl while PM Trudeau's pro-growth budget is now priced-in and out of the way.
Upside USD/CAD targets should be modest though (1.34/1.35) - hard landing tail risk on China should remain dormant a while longer as policymakers there adopt a more pro-growth stance and if Chair Yellen is to be taken at face value the Fed could be sidelined past June amid soft Q1 data ex the PMIs. We look to buy USD/CAD on a good pullback at 1.2840 with a stop at 1.2710."
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