Flash: USD/CAD on track for 1.0600 despite bounce in oil – Westpac

FXstreet.com (New York) - Global FX Strategist Sean Callow at Westpac grapples the merits of a prolonged jump in USD/CAD prices, coupled with the retesting of 1.0600.

Key quotes

“The bounce in oil prices due to the developments in Syria has encouraged some demand for CAD on crosses.

However, this is not a reason to be bearish USD/CAD beyond the next few days unless one is betting on a military quagmire. Canada’s data pulse reading of just 39% sums up the economy’s soft summer, leaving the BoC firmly on hold and us inclined to buy dips in USD/CAD, still looking for 1.06 multi-week.”