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Forex Flash: USD/CAD: Loonie to outperform over the medium-term – Wells Fargo

By FXstreet.com,  July 11, 2012, 03:27:00 PM EDT

FXstreet.com (Córdoba) - The Canadian dollar has held up relatively well during the latest bout of the European debt crisis, according to the Wells Fargo team. "Although external developments pose a risk, economic data has been resilient so far and the Bank of Canada outlook remains less dovish than for most other G10 central banks".

"With global market conditions improving eventually, we still see the Canadian dollar outperforming broadly over the medium-term", they add.

"USD/CAD technicals do not offer a clear bias", Wells Fargo says. "There appears to be significant technical support just above CAD1.0100, corresponding to the July low, the 200-day MA and the 50% retracement from the April-June rally. Further support is from the mid-May low of CAD0.9954 and the late April low of CAD0.9800". On the upside, June highs of CAD1.0363 and CAD1.0447 offer immediate resistance. "Further resistance is from the November high of CAD1.0525".




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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