The pair USD/CAD It is on track for the lowest weekly close since February, below 1.3400. The analysts of MUFG Bank they believe that the Canadian dollar has some room to overcome in the short term.
Notable Statements:
“We have been somewhat cautious on the CAD outlook and indeed suspect that throughout the year the CAD will lag most of the G10, but over the near term horizon we see some scope for CAD to get better. results”.
“We don’t expect further rate hikes, but the resilient economy and slightly more hawkish communication from the Bank of Canada this week have helped keep the 2-year USDCAD swap at levels favorable to further USD/CAD declines.”
“Our short-term rates/crude oil regression model indicates scope for USD/CAD to fall a couple of big figures from here. The IMM analysis below also reveals that CAD shorts are more stretched based on our z-score analysis and that could trigger some CAD buying as well.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
