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Go long USD/CAD on dips towards 1.2900/1.2950 – TDS
FXStreet (Edinburgh) – The FX Strategy team at TD Securities recommended buying spot on pullbacks towards the 1.2950/1.2900 area.
Key Quotes
“Next week’s FOMC meeting and Q2 GDP release offers a potential catalyst to push USDCAD higher”.
“Since the Greek rescue deal was tabled, the Fed has become incrementally more hawkish”.
“If the Fed is moving towards a September hike, then there is a plausible risk that next week’s meeting could contain some potential fireworks”.
“Until then however, we do not see much scope for USDCAD to rally further this week”.
“Instead, we see a risk of a pullback especially if the retail sales data is stronger than consensus (as we anticipate)”.
“In such a circumstance, we think investors may look to enter USDCAD longs around the 1.2900/1.2950 level”.
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Go long USD/CAD on dips towards 1.2900/1.2950 – TDS
Source: FXStreet
