CIBC with the revised projection.

  • Near term projection is 1.2240/50

(Note, this is not too far away at all now)

Could trade as low as 1.2065

  • points to momentum 'overpowering any fundamental considerations'
  • notes CAD rate spreads supportive

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Just maybe they are a little slow to this bandwagon. And, its not really momentum overpowering fundamentals .... it is fundamentals. Bank of Canada was important, as pointed out here last week.

Check out what is driving CAD here: