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(Z1) Off Recent Highs


(Z1)‌‌ Support Appears Exposed

DOLLAR-CANADA: The CAD has taken a hit on Gary Cohn's resignation, USDCAD last
trades at 1.2925, back from highs of 1.2960, with today's BoC decision providing
the immediate event risk.
- The BoC is exp. to stand pat, with Trump's tariffs set to support the BoC
status quo.
- CAD has been on the back foot since early Jan, with Q4 GDP missing the "data-
dependent" BoC's forecasts on Friday.
- Discussion surrounding the increased tough trade rhetoric out of the US will
also be eyed in the statement.
- Some notable resistance levels have been cleared, with the next level of
interest through the figure at 1.3002, the high from 05 Mar, and then the upper
2% volatility band at the higher 1.3060 level and the 6 month channel top at
$1.3085. Meanwhile, key downside levels lie between 1.2869-1.2854, as this area
now protects against a deeper fall and correction of gains from 1.2615.
- Traders also await an address from BoC Deputy Governor Lane on Thursday.
MNI London Bureau | +44 0203-865-3809 |