CAD: Has Some Wood To Chop Into BoC Targeting USD/CAD At 1.32 – TD

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The Canadian dollar traded in a choppy manner amid significant volatility in oil prices. The focus now shifts to the rate decision by the Bank of Canada. What will the BOC do?

Here is their view, courtesy of eFXdata:

TD Research discusses USD/CAD outlook into tomorrow’s BoC policy meeting and likes more downside through the 1.32 level.

Ahead of the BoC, we like downside in USDCAD and also like holding long CAD exposure against JPY and CHF this week.

CAD and RUB are among a handful of currencies that have bucked the perky USD today. We still think CAD has some wood to chop into the BoC, arguing for a test of the Nov lows just below 1.32. We also like holding a long CAD basket against the likes of JPY and CHF in the short-run,” TD notes.

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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 the 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.

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