Credit Suisse analysts expect the USD / CAD, which is trading at 1.3523 before the BoC meeting, to continue to follow the broader USD, which is consistent with a test of the highs of the second semester 2019 around 1.3320-1.3340 before July 15. BoC meeting.
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“Our bias beyond today’s meeting and before the meeting of July 15, remains slightly constructive on the CAD, which leaves us seeking to mitigate rallies in USD / CAD above 1.37 and aim for a new test of the area 1.3320-1.3340 where the crossing stalled. repeatedly in 2019. “
“We see very limited risks of stimulus or abrupt reduction of fiscal stimulus measures in Canada in the coming months, while a more considerable risk emerges in the United States on this front in mid-July, by-product recent social unrest. ”
“With the benchmark spread for WTI-Western Canada Select oil still less than $ 10 billion, and without the rail bottlenecks that have plagued the sector for years, we believe Canada could benefit fairly quickly and directly from a new vigor in oil prices. . “