USD/CAD to strengthen in both the short term and the medium term – RBC CM

Elsa Lignos,Senior Currency Strategist at RBC Capital Markets, suggests that they still look for USD/CAD strength in both the short term and the medium term.

Key Quotes

“October existing home sales are scheduled for release (no consensus). Finance Minister Morneau will also be speaking at the LSE on the global economy and how Canada is investing to grow the economy over the long term. Technically we are watching the 50% Fibonacci retracement of the January–May decline at 1.3575 as the next resistance level to watch, followed by 1.3640. Support is located at 1.3446 and 1.3321.”