Factors that pushed CAD lower have turned around lately, particularly the 20% rise in WTI, reducing CAD’s overvaluation.The BoC is comfortably on hold with oil prices close to their forecasts. This reduces near-term cut risks, a key CAD driver.“We lower our USD-CAD forecasts to 1.27 for year-end 2015 and 1.21 for 2016 (from 1.30 and 1.23, respectively).” – said BofA Merrill Lynch
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