Position for AUD/CAD downside, Credit Suisse says, expecting strong U.S. consumer confidence data that would boost currencies geared to North American growth.

It expects an above-consensus jump in the index to 72.0 in January from 64.5 in December. "We believe AUD/CAD will trade lower on a volatility-adjusted basis.

In other words, we favor being short two units of USD/CAD against being short one unit of AUD/USD," Credit Suisse says.