EFTA Document EFTA01459604

12 January 2016 FX Blueprint: Forever Young Theme #7: CAD dumps ugly krone - buy CAD/NOK We see modest upside in USD/CAD to 1.45 but can't get excited. We like buying CAD/NOK which isolates the oil factor and takes a constructive view on Canada's adjustment to the oil shock so far as well its ability to benefit from US growth. Both the Canadian dollar and Norwegian krone are being hit by an oil shock. Norway is likely to cut rates first, however, and does not benefit from economic lin