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USD/CAD seen at 1.38 in 3-month – Scotiabank

FXStreet (Edinburgh) - Strategists at Westpac believe the pair could tick higher to the 1.3800 area in the medium term.

Key Quotes

“This week USD/CAD came close to our 1.35 target yet at these levels it does not feel as though the pair reasonably discounts ongoing downside activity risks from China and partly related to that, the ongoing risks to the local economy stemming from an extended downturn in the country’s terms of trade”.

“We stick with a long USD/CAD bias and revise our 3 month target to 1.38”.

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