The Canadian dollar rocked and rolled on the OPEC meeting and awaits the GDP report. What’s next? Here is their view, courtesy of eFXnews: Societe Generale FX Strategy Research expect modest CAD upside over the medium-term on the back are a couple of major positives for the Canadian dollar. The first, according to SocGen, is that crude oil prices are expected to rise moderately in the coming months. “Our oil strategist believes that OPEC is back in the game of active supply management and that the cuts will work in time. Thus, we are forecasting the price of Brent crude to average $62.50/bbl in 4Q17. Given the tight link between the CAD exchange rate and oil prices, such a development would be positive for the currency,” SocGen argues. The second, according to SocGen, the Canadian dollar has cheapened considerably after underperforming since 2012. “When you add this to our view that the trade-weighted US dollar peaked in 1Q17, it suggests that USD/CAD should decline into year-end,” SocGen adds. SocGen expects USD/CAD to drop gradually to 1.30/1.32 by early 2018. USD/CAD is trading circa 1.3490 as of writing. For lots more FX trades from major banks, sign up to eFXplus By signing up to eFXplus via the link above, you are directly supporting Forex Crunch. 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. Yohay's Google Profile View All Post By Yohay Elam Opinions share Read Next EUR/USD clearly breaks resistance on ECB rumors, weak US Yohay Elam 6 years The Canadian dollar rocked and rolled on the OPEC meeting and awaits the GDP report. What's next? Here is their view, courtesy of eFXnews: Societe Generale FX Strategy Research expect modest CAD upside over the medium-term on the back are a couple of major positives for the Canadian dollar. The first, according to SocGen, is that crude oil prices are expected to rise moderately in the coming months. "Our oil strategist believes that OPEC is back in the game of active supply management and that the cuts will work in time. Thus, we are forecasting the price of Brent crude… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
