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BofA Securities' FX strategist Howard Du remains constructive on the Canadian dollar, expecting the Fed to pause its hiking cycle around mid-2023 and the USD/CAD pair to fall below 1.30 by year-end. Morgan Stanley's commodity strategist also commented on weak China demand and metals.
A forecast for a weaker USD/CAD would support a firmer loonie over the medium term, which makes Canadian-origin commodities cheaper in U.S. dollar terms for buyers.
theglobeandmail.comScott BarlowMar 30, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
