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The last 12 hours has seen the CAD....>

DOLLAR-CANADA: The last 12 hours has seen the CAD fall afoul of the increase in
U.S. protectionist measures, lower oil prices and the stronger USD.
- Today's BOC decision is front and centre for participants. Amid a backdrop of
strong economic data, the Bank of Canada is widely expected to hike rate by
25bps to 1.5%. Markets will focus on the MPR with updated forecasts for GDP &
inflation. Governor Poloz's press conference will also be key re: forward
guidance. Caution is expected to remain around trade related uncertainties with
U.S. steel & aluminium tariffs, NAFTA talks and the threat of more levies in the
auto sector.
- USD/CAD last deals at C$1.3140, , after registering a high of C$1.3155. The
July 04/05 highs provide initial resistance (C$1.3160/62), with support noted at
the July 10 low (C$1.3101).
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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