USD/CAD: door open for further upside – Westpac

FXStreet (Edinburgh) - According to strategists at Westpac, the pair could see its upside renewed in the upcoming weeks.

Key Quotes

“USD/CAD would appear to have limited scope for further meaningful downside given the broad rangebound price action in energy prices, increasingly bullish atmospherics around the USD (Fed tightening/improving data trends)”.

“1.2200 looks like a decent level for fresh USD/CAD longs”.
“Multiple failures above 1.2550 have neutralised the uptrend. Above 1.2360 triggers some short term upside risk”.