BOS provides a crude reminder as to why we despise the CAD - TD Securities

"The Spring Business Outlook Survey contained a relatively downbeat assessment of current conditions measured by a broad pullback in BOS indicators," TD Securities analysts said on the Bankı of Canada's quarterly report.

Key quotes

"Measures of capacity pressures, inflation expectations and capex intentions all moderated from the last survey, although future sales expectations saw a slight recovery."

"The BOS provides a crude reminder as to why we despise the CAD and why it remains a strategic sell on rallies. Our focus shifts topside in USDCAD with 1.3450 a key resistance marker, though a move higher from there will require a very dovish Poloz next week. We continue to favor CAD shorts vs. AUD and NOK."