Canadian Dollar A Buy On Rising Oil Prices And Yield Spreads Say MUFG Analysts

Foreign exchange analysts at MUFG maintain a positive stance on the Canadian dollar with support from stronger fundamentals including a boost to exports from strong US demand. “The higher price of oil and favourable yield spread developments continue to favour a stronger CAD.” MUFG expects that the US dollar will weaken again later in 2021, but it recommends buying the Canadian dollar against the Euro. It recommends selling the Euro to Canadian Dollar (EUR/CAD) exchange rate with a target of 1.4600 and stop-loss of 1.5400. The bank notes that the latest Canadian trade data was much stronger than expected with a … (full story)

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