CAD Stutters as BoC Evoke Dovish Hold.........>

FOREX: CAD Stutters as BoC Evoke Dovish Hold

-Outside of the poor AUD performance following disappointing GDP, CAD is the

weakest in G10 by a margin. USD/CAD rallied through June highs to touch C$1.34

as the Bank of Canada, while unchanged on policy, was surprisingly dovish. BoC

highlighted near-term risks to the economy emanating from the energy sector,

stating that the economy may have additional room to grow without triggering

inflationary pressure. Market revised back expectations on coming rate hikes.

-AUD's underperformance persisted throughout the day, resulting in AUD/USD

slipping below the $0.73 level and prompting bears to make a beeline for the

$0.7240 100-dma. SEK, on the other hand, was the best performer among the majors

today, with strong domestic data helping tip EUR/SEK to six-month lows.

-Factory orders from Germany and the US, trade balance numbers from the US and

Canada, US ADP employment change and durable goods are all due in a data-heavy

session Thursday. ECB's de Guindos, BoE's Ramsden and Fed's Bostic, Quarles,

Williams and Powell are all due to speak (although the Fed chair only gives

brief welcome remarks).