$CAD drifted lower in early NorAm, -0.2% at 1.3658; Monday range 1.3696-48

Lower Fed rate expectations, US-CA yield convergence provides boost for CAD

Post dovish Fed hold, IRPR 2024 rate view moved from -22bp to -47bp

LSEG's IRPR page hints BoC to cut in Jun/Jul, -65bp by Dec meeting

More aggressive BoC cut view will likely cap outsized CAD gain vs USD

$CAD supt 1.3648 Mon low, 1.3610 Friday's post-NFP flash low, 55-DMA 1.3601

Res 1.3696 Monday high, 1.3705 21-DMA, 1.3782/85 May 1/Apr 30 double top