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CAD Shoots Higher After BoC Head Fake

FOREX
  • A wild ride for CAD, as erroneous reports circulated pre-BoC decision that the Bank had decided to maintain the pace of their QE purchase programme, which prompted a notable rally in USD/CAD before the decision itself confirmed otherwise.
  • The BoC tapered their bond purchase programme for the second time, pressuring USD/CAD through the week's lows and toward the mid-March low and bear trigger of 1.2365.
  • After early signs that US yields were recovering after the flattening pressure Tuesday, the greenback initially rallied during the European morning before yields returned lower, dragging the USD in tandem, which fell closer to the bottom of the G10 leaderboard.
  • CHF, GBP and USD traded poorly, CAD AUD and NZD were the more solid currencies Wednesday.
  • Focus Thursday turns to the ECB rate decision, with markets watching closely for any hints on the future of the APP and, in particular, the pace of future bond purchases.
  • Weekly US jobless claims and existing home sales data also cross. ECB's Lagarde conducts her usual post-decision press conference, but other than that there are no major central bank speakers.
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