84

USD/CAD: analysts’ forecasts

RBC: Buy on the pullbacks to 1.0595 and 1.0545 targeting 1.0670 and with stop loss at 1.0520.

HSBC: The Bank of Canada probably won’t change its neutral bias. Still, USD/CAD might not need a dovish BOC outcome to continue on its recent gains. A sustained push above the 1.0658 would open scope for gains to the 1.0800 area (the 38.2% retracement of the decline in 2009-2011). Also watch Canada’s trade balance on Wednesday and employment report on Friday.

Nomura: The Bank of Canada will keep rate at 1.00% and a neutral bias. Currently, the market isn’t pricing in any BOC action, but if that changes, there may be some upward pressure on USD/CAD. The pair will continue rising in 2014 to peak around 1.1100 in Q3 before slipping to around 1.1000 in Q4 2014.

CAD
Scroll to top