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Forex Flash: We expect CAD to outperform – Wells Fargo

By FXstreet.com,  July 19, 2011, 10:34:00 AM EDT

FXstreet.com (Córdoba) - A weak US Dollar and the statement of the Bank of Canada pushed USD/CAD to the downside and currently trades below 0.9500. "While rates were left unchanged as expected, the statement arguably hinted at a shift in a more hawkish direction, suggesting the Bank of Canada could resume its interest rate tightening soon. This contrasts with today's minutes from the Reserve Bank of Australia that highlighted a switch to a more neutral stance," wrote Vassili Serebriakov, Currency Strategist at Wells Fargo on the daily report.

Vassili pointed out that they expect the Loonie to outperform in the coming months "and see scope for a retest of its 2007 highs against the US dollar."




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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