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RBC Recommends Short GBP/CAD Into Year-End

FOREX
  • RBC's trade of the week sees short GBP/CAD targeting 1.6400, with a stop at 1.6870.
  • They write that there is little domestic risk in Canada this week and CAD should gain on the crosses if the week’s news is USD positive.
  • Their positioning indicators currently have short CAD as the most extended position in G10, so there is some scope for short-covering into the end of the year.

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