Credit Agricole CIB FX Strategy Research notes that CAD recovery is running out of steam after Canada’s Q1 GDP release showed Q1 growth was rock solid at 3.7%.
On the external front, CACIB notes that the extension of the crude production cut by OPEC should keep prices in their current range.
“The CAD has partially recovered from its early-May troubles but we see the 1.33-1.34 as a potential buying opportunity for a move back towards 1.40 over the coming months,” CACIB advises.
USD/CAD is trading circa 1.3515 as of writing.
Source: Credit Agricole CIB Research
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