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- USD/CAD to turn lower as it approaches strong resistance - Standard Chartered
USD/CAD to turn lower as it approaches strong resistance - Standard Chartered
FXStreet reports that economists at Standard Chartered are bullish on CAD over a 12-month horizon and believe current corrective weakness offers attractive investment entry points over the short and medium term.
“The Canadian economy has rebounded quickly. Growth and employment data are strong. Canada has buoyant housing markets, favourable trade positions and a central bank that has already begun the path to monetary policy normalisation. We expect the latter to be reinforced by both the Bank of Canada tomorrow.”
“Canada has benefited from higher oil prices and strong US growth.”
“USD/CAD should encounter a band of strong resistance between 1.2550 and 1.2700, which can provide an attractive entry-level for an eventual decline below 1.2250 towards 1.2000."
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