Analysts at Bank of Tokyo Mitsubishi noted that the Canadian dollar has staged a powerful reversal in recent months correcting acute weakness from earlier this year.
Key Quotes:
“Downside risks for the Canadian dollar have eased as the price of crude oil appears likely to have bottomed and the likelihood of the BoC adopting more aggressive monetary easing has diminished.
Canadian dollar weakness overshot earlier this year and a return to those levels is unlikely.
The risks are now more balanced for the Canadian dollar as evident in the latest speculative positioning.”
(Market News Provided by FXstreet)
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