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CAD Underperforms The Day After BoC Hike, Some Analysts More Bullish Ahead

CANADA
  • CAD underperformance has extended through the session, with the USD index trending weaker and dragging CAD with it for USDCAD little changed (CAD gains +0.1% to USD vs +0.9% for Antipodeans).
  • It sees the pair currently at 1.3356 in narrow ranges for the day, holding similar levels to those seen after yesterday’s BoC decision after settling down after touching a low of 1.3322 immediately after the decision.
  • Yesterday’s move saw it come close to key support at 1.3315 (May 8 low) which starts to approach identified by analysts after the BoC decision.
  • TD see a break below 1.33 as the path of least resistance, with a best case from a benign US CPI and the Fed skipping a June hike next week helping CAD outperform most G10 crosses, Scotia see fundamental fair value settling closer to 1.32, and ING see quite elevated chances it hits 1.30 this summer.
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