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USDCAD Almost Back To Old Range

CANADA
  • At 1.28, USDCAD almost dips back into its old post BOC/FOMC range as it drops under what was previous key short-term resistance of 1.2797 from the Jan 28 high. It’s down from an intraday high of 1.2878 having earlier cleared a second resistance level of 1.2843.
  • Geopol headlines aside, there is still the Fed’s Waller to come at 2000ET but attention will start turning to the BOC decision on Wed, Mar 2. Analysts expect 25bp liftoff with the OIS market pricing in a reasonable chance of a larger hike.
  • It won't trouble the BOC at this level, only 1.5% higher than prior to the last meeting.

USDCADSource: Bloomberg

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