Dollar/CAD continues higher, breaking above 1.37. What’s next? Here is the view from SocGen.
Here is their view, courtesy of eFXnews:
Societe Generale FX Strategy Research argues that if the USD can keep at least a modest bid going into this week’s FOMC meeting, there is a risk USD/CAD can see a further spike higher in USD/CAD towards 1.40 before the absolute level of CAD becomes irresistible.
“Long USD/CAD is at best playing with fire, even if it looks as though the place to go short is closer to 1.40,” SocGen adds.
USD/CAD is trading circa 1.3667 as of writing.
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