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DOLLAR-CANADA: CAD was the outperformer amongst the majors overnight, after
drawing support from higher oil prices Thursday. The rate last deals at
C$1.3023, a couple of pips above the overnight low.
- BOC Gov. Poloz spoke late Thursday, and reiterated the Bank's data dependant
stance and need for continued, gradual rate hikes. Poloz alluded to the internal
debate regarding the gradual language that the Bank currently employs, as Senior
Deputy Gov. Wilkins has done previously. Poloz attributed the recent uptick in
inflation to "temporary factors," but highlighted inflation risks around the
potential imposition of U.S. tariffs, stressing that the Bank will fight
inflation if "push comes to shove." The Governor did however state that he is
optimistic that there will be some sort of NAFTA agreement.
- USD/CAD has failed to hold its post-Fed rally through the 100-DMA (C$1.3053),
closing below the level. Bulls are targeting a break of the 50% retracement
level at C$1.3136. Bears need a break back under C$1.2900. More immediate
support is located at yesterday's low (C$1.3015).
- Canadian GDP provides the highlight of the CA docket on Friday.