Westpac's G10 FX model notes that "the........>

FOREX: Westpac's G10 FX model notes that "the run-up in energy prices to

six-week highs has turned our short-term logit-based macro momentum signal

bullish on CAD, tipping the portfolio into a 13% CAD long for the week ahead.

The model still has no appetite for the USD; despite strong growth and yield

credentials our valuation signals (PPP and short-term financial market fair

value) are increasingly larger offsets. The model has a small EUR short too, a

weaker yield signal in the wake of Draghi's dovish comments last week the main

catalyst. NZD remains a notable short yet again (-18%). AUD fixed income yields

have been rising vis-a-vis NZD and as such the model is far more comfortable

with AUD, holding a +5% portfolio long."