USD/CAD to surge towards mid/upper-1.34s on soft Canadian data – Scotiabank
|The CAD is down nearly half a percent on the day against the generally firm USD. USD/CAD may retest mid/upper-1.34s, according to economists at Scotiabank.
USD/CAD holds range
“Weak risk sentiment and generally softer commodities are headwinds for the CAD but spot remains within recent trading ranges and we expect scope for losses remains relatively limited for the moment at least.”
Canada releases Jan Housing Starts, Dec Manufacturing Sales (expected down 1.5%) and Jan Existing Home Sales. Soft data may add to pressure on the CAD in the short run, pushing spot towards the mid/upper-1.34s where the USD peaked last week.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.