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Apr 04 - 11:55 AM

USD/CAD - Breaks 200-DMA Support, But BoC Remains A CAD Risk

By Justin Mcqueen  —  Apr 04 - 09:35 AM
  • USD/CAD breaks below 200-DMA (1.3503) following bearish outside day

  • 100-DMA (1.3486) holds so far. Further support at 1.3450-60

  • The pair has had multiple failures to close below 1.3450 since early Feb

  • As USD nears 200-DMA, further USD/CAD downside looks unlikely before NFP

  • Reminder that a dovish BoC pivot is still a CAD risk nL2N3FX22B

  • While GDP beat expectations, Q1 GDP looks set to match BoC f/c nL3N3G54AL

  • Given BoC's focus on wage growth. Avg hrly wages is key - currently 4.9%

  • That said, there is a risk the BoC stays cautious

  • Given the move in oil prices. Now $10/bbl above BoC Jan MPR f/c assumption

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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