So no change on the USD/CAD target of 1.36 I made in October (pair was at 1.3147 back then). Better be boring and right than entertainer and wrong. Although Poloz is finally starting to agree about rates being high enough, the CAD weakness is not about domestic activity, but about a stronger US dollar across the board (except YEN). So 1.36 is a soft target because I still think DXY has room to move much higher. I don't think we are close to a capitulation in the stock markets bearish trend, so the US Dollar will stay the strongest currency.
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