#USDCAD @ 1.38758 could easily surpass the 1.40 level – TDS
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The outlook for the loonie is bleak. USD/CAD rallied to 1.3977 after hotter-than-expected US inflation data and could break above the 1.40 mark, economists at TD Securities report.
“Even if the next phase of USD strength is not as linear as it has been for much of this year, there is a lot of negative idiosyncratic risk coming the CAD’s way with the debt servicing problem for households only in the early days.”
“While we have forecast 1.40 into year-end, it is no ceiling and it could very easily get worse for the CAD.”
“Dips into 1.3800/50 are a buy.”
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