The Canadian Dollar (CAD) is on the defensive ahead of the Bank of Canada (BoC) policy decision, sliding to its lowest in three months against the US Dollar (USD).
The Canadian Dollar is on the defensive ahead of the Bank of Canada policy decision, sliding to its lowest in three months against the US Dollar . Oil has snapped 2%+ higher today but that will not alter CAD dynamics significantly, Scotiabank’s chief FX strategist Shaun Osborne notes. The USD is heavily overbought on the intraday “A quarter point cut from the BoC is more or less fully priced in at this point but the Bloomberg survey reflects a clear minority who favour a hold today.
” “Another cut is very likely to emerge today and the tone from the full suite of communications is likely to keep the door open to more cuts ahead. The CAD’s slide to 1.38 risks perhaps extending a little more but saving grace in the outlook at the moment is the IMM data reflecting an already heavily short CAD base exists in the market. Some profit-taking after the Bank decision might give the CAD a bit of a lift.” There is no reason not to expect the USD’s steady advance from the 1.
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