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Apr 20 - 09:55 AM

CAD: Risk Skewed For A Dovish Taper From The BoC And Tactical USD/CAD Upside - Citi

By eFXdata  —  Apr 20 - 08:30 AM

Citi discusses its expectations for tomorrow's BoC April policy meeting.

"While we continue to hold the view that Bank will taper its QE program at its April meeting, risks for a dovish taper have risen as we anticipated. We believe, in addition to the BoC’s decision to taper it QE program, there will be an increased focus on the Bank’s rate guidance which is directly linked to their inflation guidance," Citi notes. 

"Combined with the heavily long CAD positioning and Canadian optimism largely priced in to the currency, we like owning tactical USDCAD topside over the event," Citi adds. 

Source:
Citi Research/Market Commentary

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