USD/CAD: No end in sight for range-bound price action - Westpac
|According to Richard Franulovich, Research Analyst at Westpac, there is no end in sight for USD/CAD’s range-bound price action amid a multitude of conflicting signals.
Key Quotes
“On the CAD plus side, oil prices are finally showing some stability and Canada’s growth pulse appears to be going from strength to strength, our surprise index hitting multi year highs near 75% last week after a strong update on retail sales.”
“But BoC Governor Poloz won’t have any of it, playing down recent stronger data and noting that “downside risks are still on the table until cleared”.”
“Until the BoC sounds the all clear on the outlook, CAD will likely struggle to capitalise on stronger data trends and the recent uptick in energy prices. USD/CAD looks like a 1.32-1.35 range for the time being.”
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