USD/CAD Still Seen At 1.30 In 2022 Say CIBC, Bank Folds On Canadian Dollar Short

Foreign exchange analysts at CIBC maintain their FX view that the Canadian dollar will weaken next year. The prospects of an early reversal of the strengthening Canadian currency trend has, however, been undermined by the Federal Reserve determination to maintain ultra-low interest rates. In this environment, the bank has been forced to close its short Canadian currency position and long US Dollar to Canadian dollar (USD/CAD) exchange rate position. Last week we had to fold ‘em, and put our call for Canadian dollar weakness aside until the fall. But we still expect to see a 1.30 exchange rate at some point in … (full story)

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