USD/CAD to hold the 1.2350 support – Westpac

FXStreet (Barcelona) - Richard Franulovich of Westpac, expects that with USD pullback risks in sight, USD/CAD might exhibit a dovish tone.

Key Quotes

“USD/CAD looks like it may well continue for another week inside what is now a near two month range bounded by 1.2350 and 1.2850.”

“Heightened near term risk of a broader USD pullback, as the US data continues to disappoint and the FOMC minutes expand on the last meeting’s dovish tilt could see USD/CAD easily testing the bottom of recent ranges. Suspect the lows will hold.”