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Apr 27 - 02:55 PM

CAD: Staying Short USD/CAD Into This Week's Canadian Monthly GDP - Barclays

By eFXdata  —  Apr 27 - 01:30 PM

Barclays Research maintains a bullish bias on CAD, expressing this view via holding a short USD/CAD exposure in spot. 

"We forecast monthly GDP to have increased 1.1% m/m (4.4% y/y) in February, above the Stats Canada preliminary estimate of 0.8%. The print should be driven by the rebound in activity following Omicron (especially in services) and supported by strong employment gains in February," Barclays notes. 

"We remain constructive the loonie, on high terms of trade, a determined BoC and solid fundamentals, and retain our recommendation to short USDCAD spot," Barclays adds. 

Source:
Barclays Research/Market Commentary

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