Goldman Sachs: Revising our USD/CAD forecasts lower ...Middle East

Key Points:

Canada's latest payrolls report may mark the first evidence of the US-led trade war weighing on hard data outside the US.

The Bank of Canada has emphasized fiscal policy as the primary tool to cushion against trade-related growth risks, limiting the need for aggressive monetary easing.

Less dovish BoC expectations and proactive government stimulus support a stronger Canadian dollar, especially versus the USD.

New projections:

1.35 in 6 months (prior: 1.39)

Conclusion:

Goldman Sachs is increasingly confident in the Canadian dollar’s relative strength against the greenback, citing policy dynamics and early macro resilience. However, due to close US linkages, CAD may struggle to outperform broadly on the crosses.

This article was written by Adam Button at www.forexlive.com.

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