Home USD/CAD: Next Week’s GDP Key; Looking To Sell CAD/JPY At 86 & Buy EUR/CAD Near 1.53 – TD
Canadian Dollar Forecast

USD/CAD: Next Week’s GDP Key; Looking To Sell CAD/JPY At 86 & Buy EUR/CAD Near 1.53 – TD

The Canadian dollar is awaiting a verdict on NAFTA and surrenders to the strength of the US Dollar. What’s next? A lot depends on GDP.

Here is their view, courtesy of eFXdata:

TD Research discusses CAD outlook and thinks that  a temporary spike in oil prices towards $80/bbl is worth a big figure or two in USD/CAD.

For the next few sessions, we look towards the  50dma near the figure for support.

Next week’s GDP  will be critical to watch to determine whether we can break through 1.30 so some consolidation is in order before the break comes. Still, the CAD probably has some room to outperform on some of the crosses, as CAD’s beta to the USD looks lower than some of the other well-populated longs like EUR, JPY, and GBP,” TD argues

We prefer to sell CADJPY rallies towards 86 and buy into EURCAD dips near 1.53,” TD advises.

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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.