According to analysts at TD Securities, given the repricing of the BoC and the positive flow of NAFTA headlines, they think the loonie has priced in a lot of the good news.
Key Quotes
“An upside surprise in GDP would produce a knee-jerk move lower in USDCAD, though the bigger risk is a downside miss in the release.”
“On TD’s forecast, we would use a “good number dip” as a buying opportunity in USDCAD as we see little room for a September hike and the NAFTA theme loses its luster.”
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