CAD: Scope For USD/CAD To Recover Once Positioning Is More Balanced – Credit Agricole

Credit Agricole CIB FX Strategy Research notes that after factoring in the BoC, rhetoric the 1.5% rally in the CAD after the central bank announcement yesterday looks outsized relative to a 5bp move in Canadian 2Y rates (the prior 40bp move in rates was accompanied by a 4% gain in the CAD).

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