MUFG Trade of the Week: Buy USD/CAD

MUFG Research recommends buying USD/CAD in its weekly FX top. The firm says to buy the pair spot with a target of 1.3420 and a stop at 1.2600.

“We recommend a long USD/CAD trade idea to reflect our view that the USD will extend its rebound in the coming weeks,” MUFG wrote.

“Unlike the US labor market, there have been clearer signs of a slowdown in hiring in Canada. Employment contracted for two consecutive months in June and July, confirming our view that the Fed will tighten policy more than the Bank of Canada.”

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