eFXdata reports that Bank of America Global Research discusses its recent long USD/CAD.

"With the September Bank of Canada meeting behind us, we favor positioning long for a tradable rally into September. More broadly, we see this occurring in the context of potentially higher market volatility, softer oil and a rising USD...CAD has recovered from March weakness on the back of surging global risk appetite and higher oil, which softened Canada’s terms-of-trade shock". 

"USD/CAD calendar seasonals are bullish. Over the last 10 years, USD/CAD has been higher 9 out of 10 times over the next 60 trading days. This is also consistent with broader bullish USD seasonals".