• BoC cut its key policy rate by 50bps, as widely expected

• Given the expectation, the knee-jerk move higher in USD/CAD has been tepid

• In turn, key hurdles continue to keep a lid on the pair

• Without a clear steer towards additional 50bp cuts, CAD may find a floor

• BoC reaction level (1.3830) now marks initial support

• Should USD/CAD fall below this level, would hint at topside exhaustion

• Resistance: 1.3860, 1.39 and 1.3975

• Given USD momentum. Fading CAD downside may be better expressed vs AUD, NZD

• COMMENT-AUD/USD positioning may do more harm than good nL1N3LZ0JW

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