27 Nov 2013
Flash: USD/CAD heading for 1.09/1.10 target - Societe Generale
FXstreet.com (Barcelona) - According to Sebastien Galy, FX Strategist at Societe Generale, USDCAD is slowly heading for the 1.09/1.10 medium term target.
Key Quotes
"The uptrend started in Jan 2013 and is helped by a more dovish BoC (low productivity vs US, risk of a housing correction linked to high debt levels) and probably more importantly a stronger USD."
"Since the last BoC meeting, the bearish CAD theme has hit a global audience most probably explaining the resilience of USD/CAD to the downside. Technically, we are in a zone where the market will be weary of adding longs, while from a strikes perspective we are far away from the heavy layers at 1.10."
Key Quotes
"The uptrend started in Jan 2013 and is helped by a more dovish BoC (low productivity vs US, risk of a housing correction linked to high debt levels) and probably more importantly a stronger USD."
"Since the last BoC meeting, the bearish CAD theme has hit a global audience most probably explaining the resilience of USD/CAD to the downside. Technically, we are in a zone where the market will be weary of adding longs, while from a strikes perspective we are far away from the heavy layers at 1.10."