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CIBC Initiate New Long AUD/CAD Trade Recommendation

CAD

Following the BoC decision, CIBC initiate a new trade:

  • Long AUD/CAD targeting 0.9270, with a stop-loss at 0.8960.
  • Rationale being that too much optimism has been priced into CAD for next year, with BoC tightening expected to be more evenly distributed for the coming cycle.
  • CIBC also see AUD as being an outperformer due to extant positioning (the market is VERY short AUD right now)

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