Bank of America Merrill Lynch recommends going long USDCAD
CAD strength will become a bigger concern for the BoC with the trade balance deteriorating sharply
Also, mentions that the "AUD real effective exchange rate is close to fair value" while the "RBNZ is likely to maintain its stance that a lower NZD exchange rate is needed, but unlikely to intervene".
In line with this view, BofAML maintains a long position in USDCAD targeting a move towards 1.3225.
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