KarimNaguib
Long

SENTIMENT FAVORS USD DUE TO GREECE RISK: Long USDCAD

FX:USDCAD   U.S. Dollar/Canadian Dollar
The Canadian dollar             is entering June with a weakening bias, responding to the broader shift in the US dollar             amid a reassessment of the balance of risks to U.S. growth. For CAD, the key development appears to have been a re-balancing of drivers, with a rising focus on the relative central bank policy outlook amid an ongoing moderation in concern over the oil             price shock. Oil             price movement will remain a key risk for CAD; however, its significance appears to be fading with the BoC’s shift in focus toward the U.S. recovery.

My CAD forecast looks to modest downside into year-end, with a Q4 target of ( USDCAD             at 1.28).

Technical wise, I believe this a good entry point to go long off a couple of weeks of price retracement and a bullish weekly hammer indicating USD buying.
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out