RajDhall

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

Long
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
fxdaily.co.uk

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