Following analysis on Goldman Sachs, they believe that due to the contraction in the global economy due to the effects of trade wars between US and China.
There is a synopsis staing that the Bank of Canada will soon become dovish even though the economy is in good shape. the reason for this is because all global economies are taking a dovish approach to monetary policy so that means that Canada will soon follow.
In Bank of Canada's next meeting I believe that there will be talk of reducing interest rates in the long term which will weaken the CAD against the USD.
Furthermore, Goldman Sachs has a target of 1.360 long term. Which makes them quite bearish on the CAD against the USD
There is a synopsis staing that the Bank of Canada will soon become dovish even though the economy is in good shape. the reason for this is because all global economies are taking a dovish approach to monetary policy so that means that Canada will soon follow.
In Bank of Canada's next meeting I believe that there will be talk of reducing interest rates in the long term which will weaken the CAD against the USD.
Furthermore, Goldman Sachs has a target of 1.360 long term. Which makes them quite bearish on the CAD against the USD
Comment:
Furthermore, I may take some profits from the first resistance point at 1.33750 depending on the calibre of the move.