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What is the outlook for USD/CAD in the coming weeks?

Here is their view, courtesy of eFXdata:

Credit Suisse likes selling USD/CAD on rallies into 1.29 over the coming weeks.

While we remain medium-term constructive on CAD and hold a 3m 1.2550 USDCAD target, BoC policy risks and US environmental policy unknowns make  tactical near-term USDCAD downside prospects unattractive  expressions of a pro-risk view in FX space…This particularly applies over the course of this month as the US policy agenda starts to take form in earnest,” CS notes.

We prefer to fade rallies to 1.2900 for now,” CS adds.

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