Deutsche Bank Research adopts a bearish bias on NZD and CAD over the medium-term.

"We are bearish on NZD. While a US-Iran resolution may help the currency, recent domestic data has surprised to the downside, postponing the economic recovery. Despite this, the market continues to price hikes from the RBNZ. We expect this pricing to unwind, adding to NZD weakness. We prefer to sell NZD against GBP," DB notes.

"We are bearish CAD. The domestic economy remains lacklustre and may continue to lag peers until investment in capex and diversification of export markets take full effect. Risks to this view include a further move higher in oil prices, which is currently acting as a positive terms-of-trade shock for CAD and improving the trade balance. We prefer to express this short CAD against the USD and AUD," DB adds.