To: Tazia Smith; paul.norri Vinit Sahni
Subject: usdcad update for )E I
Classification: For internal use only
three points
1. commodity px are much higher - bullish cad
2. CAD 2y swap rate higher (not lower as i had expected) vs US rates compared
to 2mths ago - bullish cad
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canada still has v vulnerable housing sector and several high profile clients
have been exiting canadian risk (pimco ed devlin in ft last week) but
nevertheless given 1 and 2 above im less bearish cad vs usd than 2mths ago
when JE entered the trade.
so given 1 and 2 im surprised usdcad hasnt moved lower - i dont have a view on
usdcad here and therefore dont like the trade anymore
Nay
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Nay Gupta
Managing Director
Deutsche Bank AG, Filiale London
Deutsche Asset & wealth Management
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