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Jul 14 - 01:55 PM

USD/CAD - Expected BoC Taper Shrugged Off As Traders Await Powell Testimony

By Paul Spirgel  —  Jul 14 - 11:52 AM
  • USD/CAD whipsaws after BoC taper bounces off 1.2420 session low to 1.2513

  • Pair hovers near flat as traders expecting taper wanted more nL1N2OQ0Y8

  • BoC cautions high inflation is likely to persist in near-term nT5N2L701K

  • USD/CAD rangebound b/w 10-DMA at 1.2447 & upper 21-d Bolli by 1.2553

  • Powell to address Congress, prepared remarks hint at steady taper/rate view

  • W/no extraordinary movement in policy by US or Canada recent ranges likely to remain intact

CAD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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