Free Trial

Ahead of today's BoC rate.............>

DOLLAR-CANADA
DOLLAR-CANADA: Ahead of today's BoC rate decision(1500GMT), CIBC traders remain
long gamma which is performing. They add, given the failed break lower yesterday
in USDCAD and the USD more broadly I would expect to see dips well supported in
USDCAD as the global macro backdrop is of more importance to USDCAD at the
moment. WTI all of a sudden looks like it's rally has ran out of steam as well.
Ahead of the event we should be contained 1.3260/1.3310 but I feel as though now
risks are skewed heavily to the topside after yesterday's horror show in risk.
Range pre 1.3160/1.3310
Hawkish Poloz - Dips should be supported starting 1.3220, then 1.3150/60.
Dovish Poloz - I think we could see new YTD highs, trim longs ahead of 1.35.
Note 1.3333 is important - 75c in CADUSD.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.