CAD: Recovery Running Out Of Steam; What's The Trade? – Credit Agricole

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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