USD/CAD: Target revised from 1.3450 to 1.3100 – Credit Suisse

The Canadian Dollar outperformed procyclical G10 FX peers in the second quarter, supported by exposure to strong US demand and a hawkish Bank of Canada. Economists at Credit Suisse have upgraded their CAD outlook.

The trend can extend at the current pace

Firm prospects for US activity suggest the trend can extend at the current pace.

We revise our USD/CAD target from 1.3450 to 1.3100 and lower the Q3 target range to 1.2950-1.3520.

See: GBP and CAD set to struggle in the medium term – Wells Fargo