News

USD/CAD to move towards 1.2550 over the next three months - Credit Suisse

FXStreet notes that the Canadian dollar closed 2020 near a three-year high versus the US dollar. Drivers of medium-term strength remain in place but analysts at Credit Suisse prefer to sell USD/CAD rallies for now.

“Over the next three months, we continue to see potential for USD/CAD to move towards our 1.2550 target, as the fundamental drivers of strength remain in place. High fiscal support to the growth outlook from the Trudeau administration.”

“The tactical outlook is not very attractive, due to the recent strength in the Canadian oil sector is the product of pipeline construction progress, and the stance on key projects of incoming US administration is yet unknown. COVID-19 infection surge in December drives risk of dovish policy surprise from BoC at upcoming 20 January meeting. This leaves us for the time being more willing to sell rallies in USD/CAD to 1.2900, than to engage immediately with USD/CAD downside.”

You may also be interested:

16:07 20.01.2021

Silver to recover towards the 27.97 recent high - Commerzbank

FXStreet notes that silver maintains a bullish bias as XAG/USD has based at the 24.20 Fibonacci support and strategists at Commerzbank look for it to re-try the topside.“Silver has sold off and recovered from support at 24.20 last week (61.8% retracement). We suspect that the market has seen an interim base here and should once again recover. This together with the December lows at 23.56 guard the 200-day ma at 22.49.” “Recovery off the 24.20/23.56 band should see the market re-try the

15:39 20.01.2021

USD/JPY sticks to the consolidative mood - UOB

USD/JPY sticks to the consolidative mood - UOBFX Strategists at UOB Group note that USD/JPY is still expected to navigate within the 103.40-104.40 range in the next weeks.24-hour view: “USD briefly rose to 104.08 yesterday before easing off to trade mostly sideways. Momentum indicators are mostly neutral and USD could continue to trade sideways, likely between 103.70 and 104.15.”Next 1-3 weeks: “One week ago (13 Jan, spot at 103.75), we indicated that the outlook is mixed and USD ‘could trade

15:10 20.01.2021

U.S. weekly mortgage applications drop 1.9 percent

U.S. weekly mortgage applications drop 1.9 percentThe Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 1.9 percent in the week ended January 15, following a 16.7 percent surged in the previous week.According to the report, refinance applications declined 4.7 percent, while applications to purchase a home increased 2.7 percent. Meanwhile, the average fixed 30-year mortgage rate rose from 2.88 percent to 2.92 percent.