USD/CAD: A downside overshoot to 1.28 through Q3 looks to be a growing risk – Scotiabank

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13 July 2023

USD/CAD: A downside overshoot to 1.28 through Q3 looks to be a growing risk – Scotiabank

Economists at Scotiabank analyze USD/CAD outlook.

USD/CAD rebounds to remain limited to the 1.33, perhaps 1.34 – at most – area for now

The hot take bottom line from here is that USD/CAD rebounds are likely to remain limited to the 1.33, perhaps 1.34 (at most) area for now.

We have a 1.30 forecast for year-end but the risk of a downside overshoot to 1.28 through Q3 looks to be a growing risk.

See: USD/CAD set to move to 1.30 in the near future – TDS

There is still some scope for further Dollar weakness – Commerzbank

New Zealand: RBNZ holds OCR at 5.50% - UOB

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