USD/CAD is on its come to the lowest weekly shut since February under 1.3400. Analysts at MUFG Bank gaze that the Canadian Dollar has some scope within the short term to outperform.
Key quotes:
“Now we had been significantly cautious over the possibilities for CAD and certainly over the year as a complete, we suspect CAD will likely be a laggard versus most of G10 but taking a short term horizon we operate gaze some scope for CAD to outperform.”
“We don’t set a question to any extra rate hikes but the resilience of the economic system and the BoC’s modestly extra hawkish communication this week has helped preserve the USCA 2yr swap at phases supportive for additional USD/CAD declines.”
“Our charges/indecent oil short-term regression mannequin indicates scope for USD/CAD to descend a pair of enormous figures from right here. The IMM evaluation under also finds that CAD shorts are most stretched in step with our z-fetch evaluation and that would possibly perchance perchance also instructed some CAD buying as neatly.”
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