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USD/CAD forecast change - UBS

FXStreet (Córdoba) - The UBS analyst team argue that with the rebound of the US economy and the continued Bank of Canada dovishness, they’ve lost the confidence that the CAD can be even stronger than the USD and revised their forecasts.

Key Quotes


"For a long time we argued that the 2013 depreciation of the CAD was overdone. However, with the rebound of the US economy and the continued Bank of Canada dovishness, we lose the confidence that the CAD can be even stronger than the USD - which we see as the main outperformer in H2 2014 and into 2015".

"We expect the CAD to outperform globally in line with the USD and the USD/CAD pair to trade in a wide 1.05-1.10 range".

"We adjust the 6 and 12 month forecasts to 1.08 from 1.06 and 1.04 previously".

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