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Dec 08 - 04:55 PM

USD/CAD - Slides Toward Tuesday's Lows With Risk-On And BoC Near Mission Accomplished

By Randolph Donney  —  Dec 08 - 02:35 PM

  • USD/CAD fell 0.5% after a rejection away from Wed's pre-BoC 1.3700 peak

  • Thur's 1.3690 high at 61.8% of Oct-Nov drop was roundly rejected

  • Haven USD was down broadly as U.S. stocks recovered some recent losses

  • BoC's dovish rate hike Wed is now priced as possible pinnacle for rates

  • BoC Deputy Governor Sharon Kozicki affirmed data-dependency nBCL8NEI3K

  • Tsy-CGB yield spreads remain supportive, but off their Oct-Nov peaks

  • Worry for dollar is Fed over-tightens and has to retreat in H2 2023

  • Pair is negatively correlated to S&Ps, risk-acceptance

  • China reopening hopes weighed against new outbreak risks nL8N32Y07P

  • The daily on-close pivot point is Tuesday's 1.3558 low

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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