Economists at Danske Bank still see the balance of risk skewed towards higher levels on the USD/CAD pair.
A move lower would likely require a stronger global growth backdrop
On the balance of risk, we still think it is skewed to the topside on both US economic outperformance and the USD-support stemming from global risk-off.
A move lower in the USD/CAD pair would likely require a stronger global growth backdrop than what we pencil in.
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