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Jul 20 - 06:55 PM

CAD: Undervalued Around Current Level; Focus On Retail Sales Data On Friday - Credit Agricole

By eFXdata  —  Jul 20 - 03:00 PM

Credit Agricole CIB Research discusses CAD outlook and sees a scope for a bounce (lower USD/CAD), on a the back of short-term valuation.

"The discrepancy between the still relatively hawkish market rate hike expectations and the depressed level of the CAD is also among the main reasons why our FAST FX fair value model suggests that the CAD is looking undervalued," CACIB notes.

"Looking ahead, investors will focus on the release of Canadian retail sales. To the extent that the data does not disappoint considerably, rates markets will continue to price in future BoC rate hikes," CACIB adds.

Source:
Crédit Agricole Research/Market Commentary

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