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CAD Sitting Circa 3.5% Weaker Compared To Last BoC Decision

CANADA
  • USDCAD trades close to week lows, currently 1.3674 off lows of 1.3651 after an intraday swing from a high of 1.3854 before Fed stepdown talk.
  • With an eye to next week’s BoC decision, USDCAD has climbed over 3.5% since prior to the Sep 7 decision despite today’s sizeable rally.
  • Whilst the US has a very large weight, it’s not simply a dollar story with CAD seeing a similar trade-weighted decline in the Deutsche Bank series, and over 4% compared to the last forecast round for the July MPR, adding a notable inflationary impulse to projections.

Source: Bloomberg

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