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May 01 - 01:55 PM

USD/CAD - Steady Near 2024 Highs Ahead Of Widely Expected Fed Hold

By Paul Spirgel  —  May 01 - 11:40 AM
  • $CAD a tad soft in early NY, -0.1% at 1.3768; Wednesday range 1.3782-1.3750

  • May Day holiday liquidity keeps pair steady pre-Fed rate decision/presser

  • Fed expected to hold rate steady, cuts odds 60% for Sept, 80% for Nov

  • Rate futures indicate BoC to cut earlier and deeper than Fed in 2024 IRPR

  • LSEG's IRPR shows better than 50% odds for BoC hike in June, -52bp by Dec

  • Res at 1.3785 Apr 30 high, 1.3847 Apr 16 2024 high, 1.3860 upper 21-d Bolli

  • Supt 1.3718 daily conversion line, 1.3689 21-DMA, 1.3632 Apr 29 low

Source:
Refinitiv IFR Research/Market Commentary

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