USD/CAD still eyes a test of 1.34/1.35 – Westpac

Pablo Piovano FXStreet

Chief Currency Strategist at Westpac Richard Franulovich still thinks the pair could regain the 1.34/1.35 area.

Key Quotes

“USD/CAD’s stalled push lower into the all important psychological 1.30 level suggests that a multi day bounce back toward 1.34-1.35 is in the offing”.

“Admittedly the tenor of Canada’s data has shown a solid improvement lately, especially on the jobs and trade front, but neither yield spreads nor crude oil are pointing decisively in favour of a break lower in USD/CAD”.

“The underlying background atmospherics still favour a higher USD/CAD, certainly as long as Trump threatens to dismantle NAFTA and with March FOMC hike odds marching higher”.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.3228

89% Bullish
0% Bearish
11% Sideways

Bias Bullish

1 Month

Avg Forecast 1.3248

67% Bullish
0% Bearish
33% Sideways

Bias Bullish

1 Quarter

Avg Forecast 1.3446

83% Bullish
17% Bearish
0% Sideways

Bias Bullish

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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