Societe Generale FX Strategy Research notes that USD/CAD, EUR/USD, and USD/JPY are marking time after recent moves and highlights some related potential trading opportunities in the 3 pairs.
“We still hanker to get short USD/CAD at 1.40 or so and maybe the downgrades (which tend to lag rather than lead the news cycle) will provide an opportunity,” SocGen argues.
“EUR/USD needs Bund support and while both EUR/USD and EUR/JPY are a buy here, patience will be needed,” SocGen adds.
EUR/USD is trading circa 1.0868, EUR/JPY circa 123.50, and USD/CAD circa 1.3750 as of writing.
Source: Societe Generale Cross Asset Research
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