USDCAD Short by Chief Macro

28 авг. 2021 г.

Likely a very unpopular call, but I think USDCAD is a short. My quick summary view of the dollar follows, but I will note that there is some event-driven opportunity to make some money in a USDCAD trade, with Hurricane Ida approaching Oil Production in the Gulf of Mexico (likely causing oil to spike).

I have had the view for a couple of months that the dollar looks relatively weak ("accommodative") against the rest of the market. Despite a few bebe squeezes and the expected psychological volatility that comes with DXY, I think the evidence suggests a lower dollar ahead.