A bearish skew on CAD, neutral on USD/CAD – Morgan Stanley
|Analysts at Morgan Stanley offer their medium-term view on USD/CAD, as they remain bearish on the Canadian dollar.
Key quotes
“We maintain a bearish skew on CAD, although neutral on USD/CAD overall. “
“On the one hand, USD-positive forces remain and we think BoC pricing is at risk for a dovish correction. “
“However, positioning has gotten a lot less long CAD and oil, and risk remains on the front foot.”
“We view the opening of the US-CA border in August and international borders in September as a potentially positive growth catalyst and we will be watching those figures closely.”
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