USD/CAD sell the uptick to 1.32 if seen – Westpac

Sean Callow, Senior Currency Strategist at Westpac, has recommended selling the pair on bullish attempts to the 1.3200 handle.

Key Quotes

“The upswing in crude oil prices so far in August combines with broad pressure on USD to reinforce CAD gains. USD/CAD 1.32 looks like an appealing sell zone if we see it again any time soon”.

“Supporting CAD in coming weeks is the lack of tension over the Bank of Canada’s policy stance. Officials have not hinted that another rate cut (from 0.50%) is under serious consideration and markets agree – pricing for a cut by year end is barely above 10%”.