FXStreet (Edinburgh) – Strategists at Westpac keep the neutral stance on USD/CAD in the near term.
Key Quotes
“May jobs and IVEY PMI may have beaten expectations but we suspect the Q2 bounce back will ultimately underwhelm”.
“Further gains in oil beyond $63 seem unlikely too and may well prove self-defeating, to the extent that proposed supply cuts are reassessed”.
“2 recent failures above 1.2550 highlight short term momentum exhaustion and a need for consolidation / correction. Neutral near-term bias”.
(Market News Provided by FXstreet)