Home USD/CAD: Higher N-Term, Before Lower: Where To Target? –

USD/CAD: Higher N-Term, Before Lower: Where To Target? –

The Canadian dollar has many forces moving it around. What’s next?

Here is their view, courtesy of eFXnews:

The Canadian economy’s close dependence on the US and oil industries means the ‘loonie’ has been highly vulnerable to political events regarding Trump’s presidency and OPEC’s oil supply freeze.

Our call for a near-term stronger USD should lift the cross near term, but we maintain the view that USD/CAD will end 2017 at a level lower than current as valuation and a normalizing growth outlook should work as a gravitating force on the cross.

We forecast USD/CAD at 1.32 in 1M (previously 1.33), 1.32 in 3M (unchanged), 1.30 in 6M (unchanged) and 1.28 in 12M (unchanged).

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.