Credit Suisse economists no longer see a compelling reason for USDCAD to reach 1. 100 in the fourth quarter: they have now cut it to 1.3500 and reset their target from 1.3250-1. 300 to 1.3000-1. to 3650: until the end of the quarter. CAD DOUBLE POTENTIAL FOR LARGE GLOBAL GROWTH „We now see less compelling reasons for USDCAD to reach its target of 1. 100 in Q compared to our Q outlook, other than a broad-based USD rally that will push all USD crosses higher. Disappointment from bullish expectations risk further supporting our AUD malaise is simply less asymmetric in CAD “We lower Q USDCAD target from 1. 100 to 1.3500 and restore pair target range 1.3250-1. 300 1 , 36000-1.3600. for the rest of the quarter. This leaves us slightly bullish on the USD as we see that the CAD is still vulnerable to a weakening global growth outlook.