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.
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.
Share
