USD/CAD door open for a test of 1.28 – Westpac

FXStreet (Edinburgh) - The Canadian dollar could weaken further to the 1.2800 area vs. the greenback, suggested by Strategist at Westpac Richard Franulovich.

Key Quotes

“USD/CAD looks set to retest its Q1 1.28+ highs in coming sessions”.

“The BoC’s observation the impact of recent CAD gains “will need to be assessed” should act as a hard floor on USD/CAD”.

“Q1 GDP before the week is out carries high risks of a negative print (consensus at +0.2%)”.