Economists at Credit Suisse no longer see a compelling reason for USDCAD to reach their 1.4100 target in Q4: they now lower it to 1.3500 and reset their target range from 1.3250-1.4300 to 1.3000-1.3650 for the remainder of the quarter.
CAD is vulnerable to deteriorating global growth outlook
“We now see fewer compelling reasons for USDCAD to reach our 1.4100 target in Q4 compared to at the time of our Q4 outlook, other than via a broad USD rally that takes all USD-crosses higher. The risks of disappointing hopeful expectations, which underpins our still bearish view on AUD, are simply less asymmetric in CAD.”
“We lower our end-Q4 USDCAD target from 1.4100 to 1.3500 and reset our target range for the pair from 1.3250-1.4300 to 1.3000-1.3650 for the remainder of the quarter. This leaves us with a minor pro-USD bias, as we continue to see CAD as vulnerable to deteriorating global growth outlook.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD bounces back, trades above 1.0860

EUR/USD bounced from a fresh weekly low of 1.0827, as the US Dollar lost steam following a weak ISM Manufacturing PMI report and words from Federal Reserve Chair Jerome Powell. Powell reiterated its hawkish message, dismissing potential rate cuts in the near future.
GBP/USD turns north ahead of the weekly close, approaches 1.2700

GBP/USD extended its rebound from near 1.2600 and is approaching 1.2700 on the back of a weaker US Dollar. The Greenback accelerated to the downside following comments from Fed’s Powell.
Gold resumes advance and approaches record highs

Gold remains near record highs and achieved its highest monthly close ever in November. Global bond yields continue to decline as inflation further cools, supporting the upside in XAU/USD. With central banks expected to remain on hold, the focus will be US labor market data.
Solana likely to extend gains as DeFi airdrop season could boost user base

Solana ecosystem will see airdrops from projects like Jupiter, Marginfi, Drift, Zeta and Jito. Solana users are projected to increase between 30% and 80% from native token launches, according to Messari’s latest report. SOL price extends rally, yielding nearly 4% daily gains.
Tesla Stock News: Cybertruck excitement fails to sustain TSLA price as chart signals more downside

TSLA stock sinks three days in a row despite Cybertruck unveiling. Analysts conclude that Cybertruck will find it difficult to turn a profit. TSLA stock is the midst of forming a bearish Three Black Crows pattern on the daily chart.