TD see USD/CAD range bound for early 2021, then lower
TD see the pair 1.25 - 1.30 for the first part of this year and then a move to the downside under 1.25 later in 2021.
- Says Canada is lagging in vaccination rate
- Canada needs 1m vaccinations a week to achieve 15% monthly vaccinations by Q3
- any delay on this risks growth assumptions being questioned, these are already leaning in favour of the USD