USDCAD weekly chart
MUFG Research added a long USD/CAD position to its ToTW portfolio targeting a move towards 1.4550, with a stop at 1.3850.
“We recommend a new USD/CAD long trade idea. We still see room for the CAD to weaken further against the USD next year,” MUFG notes.
“Furthermore, we expect the BoC to continue to deliver a further 50bps rate cut next week while the Fed has signaled that it is considering further tapering of rate cuts . meeting early next year,” said MUFG.
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