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18 Sep 2015
USD/CAD looks heavy in the near-term – Scotiabank
FXStreet (Edinburgh) - According to Currency Strategist at Scotiabank Eric Theoret, the outlook for the pair appears heavy in the short term.
Key Quotes
“Oil prices remain a primary risk for CAD, even more so following Thursday’s price action in which WTI failed to respond to Thursday’s Fed”.
“Oil market fundamentals are weak, with high inventories and a relatively slow rationalization of global supply”.
“Oil price considerations could easily resume their dominance over CAD, potentially overwhelming the near-term support afforded by relative monetary policy shifts”.
“We look for USDCAD to remain heavy near-term; loss of support intraday at 1.3015 may see losses extend towards 1.28/1.29 fairly quickly where we expect a firmer base to develop”.
Key Quotes
“Oil prices remain a primary risk for CAD, even more so following Thursday’s price action in which WTI failed to respond to Thursday’s Fed”.
“Oil market fundamentals are weak, with high inventories and a relatively slow rationalization of global supply”.
“Oil price considerations could easily resume their dominance over CAD, potentially overwhelming the near-term support afforded by relative monetary policy shifts”.
“We look for USDCAD to remain heavy near-term; loss of support intraday at 1.3015 may see losses extend towards 1.28/1.29 fairly quickly where we expect a firmer base to develop”.