Long CAD/NOK: G10 Trade Idea of the Week – Deutsche Bank

By FXStreet FXStreet (Delhi) – Research Team at Deutsche Bank, suggests long CAD/NOK as their trade of the week for the target of 6.34 by keeping stop at 6.045 with the entry point being 6.1190 levels.

Key Quotes

“Our economists tend to see the BoC on hold this week, as against 16bps priced. Core inflation remains sticky at 2%, headline inflation is not forecast to reach 2% before 2017, and 16% depreciation y/y against the US buffers the economy. Short positioning in CAD is most extended since 2014, and technicals look stretched. Buy CAD/NOK to hedge against oil prices grinding lower.”
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Source:: FX Street