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DOLLAR-CANADA: USD/CAD has jumped through yesterday's peak and currently
operates at C$1.3156, +21 pips on the day. The loonie is the worst G10
performer, having fared rather badly yesterday as well, on the back of a
monetary policy decision from the BoC.
- BoC action was read as a dovish hold. Although policymakers chose to leave
interest rates unchanged (as expected), the accompanying rhetoric turned more
downbeat. The Bank dropped the word "appropriate" in maintaining interest rates,
while growth forecasts were revised sharply lower.
- Concern about China's coronavirus situation & API report pointing to a jump in
U.S. crude inventories weighed on WTI prices yesterday, likely sapping the
loonie. The weekly EIA inventory report is due later today.
- The rate breached the C$1.3149 50-DMA today, which puts bulls in a position to
target the Dec 20 peak at C$1.3181. Note that the recent consolidation appears
to be a bull flag, reinforcing a bullish theme. Bears look for a return below
the 50-DMA, which would shift their focus to the Jan 16 low of C$1.3032.
- Canadian retail sales, due Friday, headline the remainder of this week.