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17 Apr 2013
Forex Flash: In Canada, no change is expected - Societe Generale
FXstreet.com (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale notes that in Canada, no change is expected and the MPR will be released.
He sees that the market is already short CAD, leaving is asymmetrically exposed to the event. Nonetheless, in a risk off environment, the temptation will be for USD/CAD to drift toward 1.03. He writes, “We like CAD as a proxy for the US recovery in the medium term and I will again be spending more time on that one (if you remember the Maple Leaf monthly from olden days). US Beige book is at 2PM.”
He sees that the market is already short CAD, leaving is asymmetrically exposed to the event. Nonetheless, in a risk off environment, the temptation will be for USD/CAD to drift toward 1.03. He writes, “We like CAD as a proxy for the US recovery in the medium term and I will again be spending more time on that one (if you remember the Maple Leaf monthly from olden days). US Beige book is at 2PM.”