We buy USDCAD 1.2707, target 1.2840, stop-loss 1.2635.
As the most intense USD liquidation is behind us and better entry level emerges, we would like to re-enter our ToTW – long USDCAD position. The combination of continued recovery of USD strength post-Fed and downside CAD risk for soft Canadian CPI, retail sales and renewed oil weakness supports our upside call for USDCAD.
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