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USD/CAD potential for further upside – Scotiabank

FXStreet (Edinburgh) - Camilla Sutton, Chief FX Strategist at Scotiabank, sees the pair climbing further, although in the longer term, it could drift back to 1.10.

Key Quotes

“On Friday USDCAD attempted to break above its year-to-date high of 1.1279; but failed”.

“However in the context of the current USD rally, USDCAD is also likely to rise as well, likely breaking above resistance at 1.1279; however once the near‐term pressure has eased, USDCAD is likely to drift back towards 1.10”.

“On Friday, Canada released unexpectedly weak trade data, with exports falling m/m in energy, metals, vehicles, consumer goods and forestry; and with soft exports into the U.S., EU and Japan”.

“One month does not make a trend; but this was an important and disappointing release”.

“This week, the focus for Canada will be Friday’s employment data and BoC’s business outlook survey”.

“However for USDCAD, the focus is currently not Canadian domestically led and instead the key near term driver is how the broad move in the USD”.

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