AUS,AUSFOREX, aussingapore foreign exchange platform ,Foreign exchange opening,Foreign exchange transaction,Online foreign exchange

热搜: 活动 交友 discuz
查看: 103|回复: 0

USD/CAD poised for some congestion in the near term – Scotiabank









Rank: 9Rank: 9Rank: 9

发表于 2018-10-12 13:55:11 | 显示全部楼层 |阅读模式
In opinion of FX Strategists at Scotiabank, the pair remains neutral in the short-term horizon and eyes a potential congestion between 1.3020 and 1.3080.

Key Quotes

“The outlook for relative central bank policy has deteriorated on the back of worrisome oil price developments and this week’s disappointing housing data. Yield spreads have widened in a CAD-negative manner and the price of Western Canada Select has extended its decline to fresh two year lows nearing $25/bbl. Broader developments are set to remain dominant ahead of Monday’s Bank of Canada Business Outlook Survey, a key consideration for policymakers heading into the October 24 rate decision and MPR forecast update. Measures of implied CAD volatility are rising broadly and lifting the premium for protection against CAD weakness. The 1Y risk reversal is at its highest level since June 2017”.

“USDCAD has reached anticipated resistance around 1.3050 and the 100 day MA. Shorter-term (hourly) charts are suggestive of exhaustion following an impressive rally from the upper 1.27s and we look to near-term congestion between 1.3020 and 1.3080. Additional resistance is expected around the descending trend line drawn from the June-September lows, at 1.3150. A break below 1.3020 would likely find additional support at 1.2950”.
Trading foreign exchange on margin carries high potential rewards but also high potential risks that may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience and risk appetite. Past performance is not indicative of future results, which can vary due to market volatility. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Any opinions, news, research, analyses, prices or other information contained on this website or linked to from this website are provided as general market commentary and do not constitute investment advice. AUSFOREX does not accept liability for any loss or damage, including any loss or profit, which may arise directly or indirectly from use of or reliance on such information.


您需要 登录 才可以下载或查看,没有帐号?立即注册


使用道具 举报

您需要登录后才可以回帖 登录 | 立即注册


GMT+8, 2019-6-26 03:32 , Processed in 0.076712 second(s), 22 queries .


© 2017-2018

快速回复 返回顶部 返回列表