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    USDCAD risks still balanced to the upside – Scotiabank Sandeep Kanihama

    Research Team at Scotiabank, notes that the USDCAD has recently dropped to its lowest level in a month but scope for additional (and sustained) USD weakness is limited in the near-term.Key Quotes“We maintain a bullish USDCAD bias from a fundamental point of view (but note technical signals are throwing up some potential challenges). As such, we continue to feel that corporate USDCAD buyers should consider hedging USD payables while USDCAD sellers should wait to hedge receivables. Speculative investors should cover USD short/long CAD positions. Canadian institutional investors should consider staying neutral or moving to overweight USD relative to bench-marks. New cycle lows will warrant a change of view.”


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