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Forex Flash: USD/CAD heading towards parity year-end – Scotiabank

The Canadian dollar is hovering over 1.0310/15 at the end of the NA session on Wednesday, after the BoC signalled that further stimulus could be in the pipeline. The cross rapidly climbed to session highs in the boundaries of 1.0340 in response to the dovish statement, although retreating later.

Camilla Sutton, Chief Currency Strategist at Scotiabank, suggested that CAD ranges are 1.0217 (Thursday low) and 1.0342 (Friday high), and these levels are key in determining the next steps of the cross in the near term.

“For short‐term traders, we expect that moving into next week USDCAD is still biased for upside as sentiment has shifted to a bullish USDCAD outlook; however we expect it to drift back towards parity into year‐end”, concluded Sutton.

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