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Goldman Sachs likes short NZD/CAD over the medium-term.
“We find that short NZD/CAD tends to outperform as financial conditions tighten, particularly if driven by a hawkish Fed, as well as long CAD/NOK, if also fueled by rising growth concerns,” GS notes.
“This reinforces our view that CAD should continue to outperform on crosses, particularly against higher-beta G10 currencies, even as it weakens versus USD,” GS adds.
Interesting reasoning from GS on NZD/CAD. I guess if oil does manage to hold a bid from OEPC’s actions that’ll assist also.
GS looks to be lagging a bit on NZD/CAD though …