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CAD: Nearer To The Bottom Than The Top; Attractive M/T

The Canadian dollar has been on the back foot alongside the fall in oil prices. What’s next?

Here is their view, courtesy of eFXnews:

CIBC FX Strategy Research argues that  we’re likely approaching the lower end of the range for CAD making it an attractive buy around current levels versus the USD.

“Even though the BoC is “decidedly neutral” at the moment, the current level of the currency gives it more room to take a positive tone without worrying too much about an uncompetitive exchange rate. Furthermore, we’ve even seen efforts to talk up the loonie when it dropped below 70 cents,” CIBC adds.

In line with this view,  CIBC sees a modest appreciation of the CAD later in the year with USD/CAD dropping to 1.34.

USD/CAD is trading circa 1.3655 as of writing.

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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.