Westpac went long GBP/CAD at C$1.6355 on......>

FOREX: Westpac went long GBP/CAD at C$1.6355 on Tuesday, with a target of

C$1.6755 and a stop at C$1.6230.

- Westpac reason that "the selection of Boris Johnson as PM resolves one UK

uncertainty, with a likely "honeymoon" as his Cabinet forms, while newly elected

EU officials and Brexit negotiators may be more open to discussions." At home,

"Johnson may initiate tax and policy changes to bolster a market friendly

profile and a lift in sentiment could trigger recently absent investment and

property activity." On the BoE front "Haldane's solid/hawkish tone today

suggests that the BoE may have a less dovish stance, despite Carney's "Sea

Change." On the Canadian front Westpac noted that "Canada may be regaining

growth momentum, but late Oct. elections will create uncertainty," elsewhere,

the "U.S. House is in no rush to ratify USMCA trade arrangements."