Structurally biased toward lower USD/CAD levels - Westpac

Richard Franulovich, Research Analyst at Westpac, suggests that he is still structurally biased toward lower USD/CAD levels.

Key Quotes

“H2 growth looking decent enough as activity bounces back from the Fort McMurray wildfire disruptions and as the Trudeau fiscal stimulus kicks into gear in Q4.

Stronger than expected May full time jobs, and decent manufacturing and retail sales for April all hint that underlying growth momentum may already be stronger than many presume.

Oil prices meanwhile looking more and more resilient with each passing day. USD/CAD more likely to test 1.25 than 1.35 in summer.”