BMO:We still tend to think that the pain trade is for USDCAD to break below 1.0600, as positioning still feels that way.....

Comment by Daologic on July 4, 2014 at 11:31am
Having said that, we would use any move to 1.0500/1.0550 to establish CAD shorts ahead of the next BOC meeting, as we think Poloz will not be happy with the recent spate of CAD strength. There is no data today and with the US closed it should be a quiet end to the week.

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