UK EU Referendum: USD/CAD: 1.35 On A Leave Vote Or 1.28 On A Remain
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CAD is caught in the global event crossfire with next week’s UK Referendum vote starting to sap the markets of liquidity and intensifying risk aversion.
Our findings show that CAD is currently the high-beta currency in the G10, increasing its sensitivity to global risk events. A vote to leave probably sees a knee-jerk spike to 1.35; a vote to remain pushes us back to 1.28.
Regardless of next week’s outcome to the UK Referendum we see headwinds intensifying for the single currency in H2 given a weaker macro backdrop.