Morgan Stanley Research adopts a bullish bias on CAD and a bearish bias on GBP in the near-term.

CAD View: Bullish | Skew: Bullish 

We are bullish on CAD as we think USD/CAD has room to decline as exports recover  and the investment cycle gains traction, USD/CAD has room to grind lower from  here.," MS notes.

"GBP View: Bearish | Skew: Bearish 

We are bearish GBP as we think the market has priced in the good news' from the  potential for a more fiscally conservative Chancellor than initial market  expectations, but the bar for upside surprises has risen," MS adds.