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CAD Matches USD Strength Ahead of Tomorrow’s BoC

CANADA
  • USDCAD sits near unchanged on the day just under 1.348, with CAD keeping up with the USD’s strength and in doing so outperforming other majors despite crude futures reversing earlier strength.
  • It consolidates yesterday’s firmer push higher but for now remains below 1.35 and resistance at 1.3542 (Jan 17 high) ahead of tomorrow’s BoC decision – preview here: https://roar-assets-auto.rbl.ms/files/59603/BOCPreviewJan2024.pdf
  • The Boc has moved its decision 15mins earlier this year to 0945ET to avoid the NY cut for FX option expiry, although in doing so it will land along with tomorrow’s flash January PMIs for the US.

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