Economists at Credit Suisse no longer see a compelling case for USDCAD to hit its 1.4100 target in Q4: they now cut it to 1.3500 and target range from 1.3250 -1.4300 reset to 1.3000-1.3650 for the rest of the quarter.
CAD is vulnerable to deteriorating global growth outlook
Our 4Q target of 1.4100 is the same as our 4Q Looking ahead, all dollar crosses are higher except for a broad rally in the greenback. The risk of disappointment in the hopeful forecasts that underpin our still-bearish view on the Aussie is even less asymmetric in the Canadian dollar. “
“We cut our end-4Q USD/CAD target from 1.4100 to 1.3500 and reset our target range for the pair to 1.3250-1.3250 for the rest of the quarter 1.4300 to 1.3000-1.3650. This leaves us slightly in favor of the USD, as we continue to view the CAD as vulnerable to a deteriorating global growth outlook. “
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