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USDCAD Overview: CAD remains under bearish pressure
Falling Oil prices keep CAD under bearish pressure.
Markets have tempered BoC hike expectations to a little more than two hikes by end-2019, a 13 month period that encompasses 4 MPR updates. That would be a slower pace of hikes than 2018 yet the BoC has openly mused it could if anything quicken the pace on the path to neutral.”
US Democrat demands for stronger enforcement mechanisms for labour and the environment can be assuaged and shouldn’t upend the USMCA deal either, though it casts doubt on the prospects for a signing ceremony at the end of this month.
We have entered a midterm long trade based on the fundamentals.
Loonie is trading above the bullish trendline and we keep our midterm bullish bias targeting 1.34700.
Fresh levels to add long :
Breakout of the short-term bearish trend line: Estimated breakout level 1.32200 or possible pullbacks 1.31800.
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