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Aug 03 - 12:55 PM

CAD: It's Downhill For The Loonie Ahead As BoC Approaches Terminal; Where To Target? - CIBC

By eFXdata  —  Aug 03 - 10:45 AM

CIBC Research discusses CAD outlook and targets USD/CAD at 1.29 in Q3 and 1.31 in Q4.

"The CAD continues to follow the pack in moves against the broad USD, which has eased off lately as risk appetite has improved. Any negative impact on the CAD from the ongoing retreat in oil and broader commodity prices has been offset by the Bank of Canada's frontloaded hiking cycle, highlighted by the supersized 100bp rate hike in July," CIBC notes. 

"While we expect another nonstandard hike at the September meeting, if it’s a 75bp move, that won't be bullish for the loonie if the market sees that as the end of the Bank's tightening cycle," CIBC adds. 

Source:
CIBC Research/Market Commentary

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