Economists at HSBC expect the CAD to strengthen further against the USD over the near term.
We see the CAD strengthening further against the USD in the run-up to the 25 October Bank of Canada (BoC) meeting.
The dominance of US-Canada rate differentials, driven by higher US rates, can explain why the CAD did not capitalise on the Oil price surge in August. However, if rate differentials become less of a dominant factor for USD/CAD, the determination of Organization of the Petroleum Exporting Countries (OPEC) and its allies (known as ‘OPEC+’) to support Oil prices could see the CAD strengthening over the next few weeks.
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