As USD Resumes Uptrend, CAD Eyes New Highs
eFXnews | May 27, 2015 01:42PM ET
In a note to clients today, Bank of America Merrill Lynch (NYSE:BAC) reiterates its bullish USD view.
"Looking at both the USD Index (DX) and USD/CAD, both have made impulsive breaks of key medium-term resistance levels (96.46/95.81 in DX and 12406/1.2353 in USD/CAD, respectively), meaning that the long-term uptrend is resuming," BofA argues.
"We reiterate our upside targets for the DXY at 106.00 and 1.3465 for USD/CAD," BofA projects.
"Pullbacks should be seen as buying opportunities and limited to 95.90/94.82 and 1.2272/1.2164, respectively," BofA advises.
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