SocGen recommends to short NZD/CAD

Rationale
One of our core long-term views is for NZD/CAD to decline as crude oil prices stay
supported, the China growth slowdown deepens, the US recovery proceeds, and global FX
volatility stay elevated. We consider the current NZD/CAD spot level above 0.92 as an
attractive one to re-enter a short trade

Sell NZD/CAD spot with an initial target of 0.88 and a stop at 0.9450.

(Societe Generale)

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