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Oct 24 - 06:55 PM

CAD: BoC Approaching A Pause; USD/CAD Towards 1.40 - Citi

By eFXdata  —  Oct 24 - 03:00 PM

Citi maintains a bullish bias on USD/CAD over the coming weeks.

"Weaker economic data from Canada, a Fed that is determined to continue tightening into a global recession, and a BoC that is starting to back off will continue to weigh on CAD in the short-medium term, so we revise our 0-3m USDCAD forecast to 1.40, but leave the 6-12m forecast unchanged at 1.31," Citi notes. 

"We have previously flagged the dovish risk posed to the BoC’s policy path from the recent slowdown in housing data, employment, and growth, and we are now closer to the point at which the BoC will pivot, or at least pause," Citi adds. 

Source:
Citi Research/Market Commentary

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