RajDhall
Long

CADNOK may test the range high on a longer term time horizon

FX_IDC:CADNOK   CANADIAN DOLLAR / NORWEGIAN KRONE
CADNOK             is normally a WTI/BRENT spread pair but in this instance, I feel that the Norges bank rate hike may be priced in somewhat. On the other end of the scale the Canadian Dollar             looks slightly undervalued and if WTI continues on this amazing run we could see some CAD appreciation.

Long term I am looking for the NOK             to pull back against most crosses as all of the bullish news may have come to a plateau. CAD, however, is waiting of a breakthrough with NAFTA and if this comes to fruition a rally may be in order. Looking at USDNOK             and USDCAD             this view seems to be supported as NOK             is pulling back and USDCAD             is showing signs of a reversal
Kind regards

Rajan Dhall MSTA
fxdailyterminal.com
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