Morgan Stanley Research summarizes its tactical bias on AUD, NZD, and CAD.

"AUD View: Neutral | Skew: Bullish Risks of overtightening from the RBA have emerged while overall risk demand should be tepid until data confirm that US price pressures remain on a downward trajectory.

NZD View: Bullish | Skew: Bullish AUD/NZD should decline as yield differentials narrow and the RBNZ continues its tightening cycle. Resilient global growth should benefit the high-carry currency," MS notes. 

CAD View: Neutral | Skew: Bullish Uncertainty about the state of the US economy should limit near-term gains. Over time, CAD should benefit from growth in the RoW and implications for Brent crude prices," MS adds.