FXStreet (Edinburgh) – In opinion of strategists at Westpac, the Canadian dollar could hit 1.50 vs. the greenback in the medium term.
Key Quotes
“The economy looks like it has limped into year’s end in a very forlorn state. Upcoming GDP, retail sales and jobs data should spotlight ongoing recessionary conditions”.
“USD/CAD looks very overdone to the topside and may be populated with a lot of “tourists” but dips are likely to be shallow and should be bought for a run at 1.50 into Q2 2016”.
“A pullback over the coming days would not be unexpected but ultimately USD/CAD should move higher”.
(Market News Provided by FXstreet)