In today’s Forex Forecast, we share the outlook for USD/CAD, GBP/USD and US rates, with Steven Woodcock, Senior FX Analyst at Plutus FX, who is joined by Zak Mir, Technical Analyst at Zak’s Traders Café, and Mike Ingram, Strategist at BGC Partners.
https://www.youtube.com/watch?v=I3vmcUfIaoQ
Woodcock starts by commenting on the Fed rate hike outlook, and says that a December rate hike still depends on the data ahead.
On forex, he notes that everyone remains focused on the dollar, and the move lower in EUR/USD was a USD story. Technically, he adds that a parity move is unlikely in the EUR, and most FX remain in their ranges.
USD/CAD: Play the range
Woodcock believes that USD/CAD remains a range trade, and the cross has seen a little upside strength in the past two days, but below the current support at ___ will see a move lower towards the 1.28 area.
On the trade setup, he suggests playing the range on the cross, in lieu of a consolidating market.
GBP/USD: False downside break
On GBP/USD, Woodcock highlights his previous comments on buying the bottom on cable around the 1.50 psychological area, and suggests buying the pair around the same level, unless it breaks below 1.4970.
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