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MUFG Research is holding two trades in its portfolio this week, adding EUR/USD shorts and maintaining a long position in USD/CAD as it tests the highs of the year.
The new EUR/USD trade is from spot with a target of 0.97 and a stop at 1.04. That would be a quick move through parity, perhaps running stops.
“We are recommending a short EUR/USD trade idea to reflect our stronger conviction that the pair will soon break below parity,” MUFG notes.
We are maintaining a long USD/CAD trade idea to reflect the increasing risk that the CAD will weaken further in the near-term on the back of intensifying fears over a sharper slowdown in global growth.
The target in trade was 1.3400 with a stop at 1.2600.
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