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Dec 09 - 10:55 AM

CAD: Staying Bullish On CAD Despite Post-BoC Setback; Staying Short AUD/CAD - MUFG

By eFXdata  —  Dec 09 - 09:30 AM

MUFG Research discusses CAD outlook and maintains a bullish bias on CAD and a short AUD/CAD exposure for a move towards 0.8650.

"The overall tone of the statement did suggest that the BoC is moving closer to raising rates. The BoC believes that the Canadian economy has “considerable momentum” heading into the fourth quarter including the strong rebound in the labour market," MUFG notes. 

"With the unemployment rate haven fallen close to prepandemic levels, we expect the BoC to be one of the next G10 central banks to begin raising rates early next year. It supports our outlook for a stronger Canadian dollar," MUFG adds. 

Source:
MUFG Research/Market Commentary

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