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CAD rebound might take longer - UBS

FXStreet (Córdoba) - The UBS analyst team commented that even though they hold a medium-term positive outlook for the Canadian dollar, the rebound might take longer as Tuesday’s GDP disappointment give the BoC some room to delay a more positive stance.

Key Quotes

“The CAD suffered in recent weeks together with most commodity-related currencies against the USD”.

“We continue to see the move as a short-term phenomenon, as rebounding Canadian economic data should urge the Bank of Canada in coming months to sound more positive”.

“However, with Tuesday's GDP disappointment, they will not be in a hurry at their October meeting. With this it could take a little longer for the CAD strength to re-emerge, but we stick to our medium-term view”.

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