16 Jun 2015
USD/CAD: go long at 1.2160-1.2200 – Westpac
FXStreet (Edinburgh) - According to strategists at Westpac, the area around 1.2160-1.2200 represent a good buying opportunity.
Key Quotes
“Energy prices and the local Canadian data flow have both been showing more vigour than expected but we expect the Q2 growth bounce back will ultimately underwhelm”.
“Retail sales this week may well be the first such signal on this front. Ex-auto sales have averaged an unsustainable 1.1% growth rate in the last two months”.
“Key support in USD/CAD around 1.2160-1.2200 offers the ideal trade location for fresh longs”.
“Multiple failures above 1.2550 have neutralised the USD/CAD uptrend. Neutral bias”.
Key Quotes
“Energy prices and the local Canadian data flow have both been showing more vigour than expected but we expect the Q2 growth bounce back will ultimately underwhelm”.
“Retail sales this week may well be the first such signal on this front. Ex-auto sales have averaged an unsustainable 1.1% growth rate in the last two months”.
“Key support in USD/CAD around 1.2160-1.2200 offers the ideal trade location for fresh longs”.
“Multiple failures above 1.2550 have neutralised the USD/CAD uptrend. Neutral bias”.