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UBS Sees US Dollar-Canadian Dollar Exchange Rate Having Room to Rise Toward 1.425

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UBS Investment Research said it favors buying the US dollar-Canadian dollar exchange rate, with a target of 1.425 and a stop-loss at 1.38.

While UBS added it has a neutral view on the Canadian dollar overall, the bank thinks USD/CAD is more likely to move higher in the near term.

With both the Federal Reserve and Bank of Canada likely to keep rates unchanged, the US dollar could get some support, wrote UBS in a Friday note.

Trade concerns are already mostly reflected in the exchange rate, while stronger Canadian data should help limit a sharp fall in the Canadian dollar, according to the bank.

Still, lower interest rates make the loonie less attractive to investors, said UBS.

Overall, the bank estimates USD/CAD to gradually rise toward 1.425.

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