Deutsche: Balanced BoC could weigh on USD/CAD. Since its last Monetary Policy Report of April, the Bank of Canada has stuck to a rhetoric of broadly balanced risks, both in the meeting statement of May 25 and in a speech by Poloz on June 15. Today’s MPR is likely to project lower growth and possibly inflation for this year, but we doubt this will be dovish enough to justify even the 1/3 chance of a cut currently priced by year-end....Given positioning in CAD remains extremely light, even the small hawkish repricing we expect makes for some downside risk to USD/CAD. TD: Risk-Reward Attractive For USD/CAD Longs. A ... (full story)