The Bank of Canada meeting is Wednesday
Westpac entered a USD/CAD long at 1.3180 with a target of 1.3365 but with that level fast approaching, they are opting to push up the target and raise the stop.
They now aim for 1.3515 with a stop at 1.3240.
"Risks are building for a more sustained topside breakout and so we extend the trade another week," they write.
After Friday's soft GDP reading, they believe the BOC could "water down their lukewarm tightening bias yet further" and also note that the PM is engulfed in an ethics scandal.
As for risks, they warn the BOC could retain an upbeat tone and that OPEC could push oil prices.
