CAD/JPY: Shorts as a cleaner expression of CAD bearishness – TDS

Strategists at TD Securities diversify its exposure to the loonie and open a CAD/JPY short position. 

Key quotes

“We expect CAD to underperform its major dollar bloc peers, but the risk backdrop looks a bit ominous to us.”

“We diversify CAD exposure and think it makes sense give it another go on CAD/JPY shorts as a cleaner expression of CAD bearishness for now.”

“We short CAD/JPY (enter at 76.40) targeting a move towards 75 initially (stop placed at 77.50).”