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13.01.2021 22:39

USD/CAD to move towards 1.2550 over the next three months - Credit Suisse

FXStreet notes that the Canadian dollar closed 2020 near a three-year high versus the US dollar. Drivers of medium-term strength remain in place but analysts at Credit Suisse prefer to sell USD/CAD rallies for now.

“Over the next three months, we continue to see potential for USD/CAD to move towards our 1.2550 target, as the fundamental drivers of strength remain in place. High fiscal support to the growth outlook from the Trudeau administration.” 

“The tactical outlook is not very attractive, due to the recent strength in the Canadian oil sector is the product of pipeline construction progress, and the stance on key projects of incoming US administration is yet unknown. COVID-19 infection surge in December drives risk of dovish policy surprise from BoC at upcoming 20 January meeting. This leaves us for the time being more willing to sell rallies in USD/CAD to 1.2900, than to engage immediately with USD/CAD downside.”


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Forex is open 24 hours a day, 5 days a week (except national holidays), and it can be broken up to the following four regional markets: Australia and Oceania, Asia, Europe, and America. A Forex trading session opens at 23:00 GMT on Sunday in Japan and closes at 22:00 GMT on Friday in the USA.

 
Session Financial Centres UTC/GMT
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Pacific Wellington 19:00 04:00 22:00 07:00 22:00 07:00
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Sydney 21:00 06:00 00:00 09:00 00:00 09:00
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Asian Tokyo 23:00 08:00 02:00 11:00 02:00 11:00
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Hong Kong, Singapore 00:00 09:00 03:00 12:00 03:00 12:00
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European Frankfurt, Zurich, Paris 06:00 15:00 09:00 18:00 9:00 18:00
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London 07:00 16:00 10:00 19:00 10:00 19:00
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American New York 12:00 21:00 15:00 00:00 15:00 00:00
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Chicago 13:00 22:00 16:00 01:00 16:00 01:00