CAD: Long USD/CAD Here ‘At Best Playing With Fire’; Sell

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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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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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