Quant Signals & Targets: Short AUS/USD, Long USD/CAD - BNPP

BNP Paribas' quant model 'STEER' maintains a short AUD/USD and a long USD/CAD signals.

"USD looks cheap versus the commodity bloc currencies STEER remains short AUDUSD, targeting a move to its short-term fair value of 0.6990, reflecting the recent underperformance of Australian equities.

STEER remains long USDCAD targeting a move to 1.3760. The recent rise in oil prices and rebound in global equities have pushed down the fair value of USDCAD, but the fall in spot has overshot the fair value: STEER is signalling USDCAD looks undervalued," BNPP clarifies. 

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