‘The CAD was among the best-performing G10 currencies in recent days, supported by robust risk sentiment and resilient commodity prices. Moreover, at its June meeting, the BoC presented a less negative outlook for the Canadian economy while reining in some of its monetary stimulus. The CAD outlook may not remain too rosy for too long, however. Indeed, a planned OPEC meeting to extend the recent production cuts has been delayed due to difficulties enforcing compliance with the output reduction by all member-states,”

“The CAD is starting to look expensive vs the USD. Indeed, both our short-term and long-term fair value models are suggesting that we are now in overvalued territory for the CAD, suggesting that USD/CAD is buy on dips here,”