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What is the forecast for USD/CAD?

Here is their view, courtesy of eFXdata:

Credit Agricole CIB Research discusses CAD outlook and flags a scope for further correction against the USD.

“Even though sentiment may remain in favour of buying the CAD against lower yielders such as the EUR, CHF and JPY, positioning as it stands still argues for some caution.  Even though the CAD is not yet trading in strongly overbought territory, corrective downside risk should be treated as high,” CACIB notes.

“Having said that,  we remain of the view that the currency should not be chased higher  with underperformance against most of its commodity bloc peers likely to remain intact too,” CACIB adds.

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