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13 Apr 2015
USD/CAD: Neutral / bearish; Tic-toc BoC
FXStreet (Guatemala) - USD/CAD is trading at 1.2594 with a high of 1.2647 and low of 1.2560.
USD/CAD has been on the bid for the best part of the last several sessions but has tailed off early this week. 1.2660 was rejected pretty swiftly although weakness is bought in to. The picture is neutral but remains bias to the downside on the shorter time frames in a broader bullish picture.
Camilla Sutton, chief currency strategist at Scotiabank, explained that the focus for CAD this week will be the BoC interest rate decision, MPR release and press conference combined with the broad move in the USD and oil prices.
"The BoC will take comfort in the developments in oil markets. Brent oil prices having stabilized just below the BoC’s $60 forecast; and the spread between Brent and Western Canadian Select (WCS) as well as the spread between WTI and WCS, are close to their recent lows (a positive for Canada)."
USD/CAD has been on the bid for the best part of the last several sessions but has tailed off early this week. 1.2660 was rejected pretty swiftly although weakness is bought in to. The picture is neutral but remains bias to the downside on the shorter time frames in a broader bullish picture.
Camilla Sutton, chief currency strategist at Scotiabank, explained that the focus for CAD this week will be the BoC interest rate decision, MPR release and press conference combined with the broad move in the USD and oil prices.
"The BoC will take comfort in the developments in oil markets. Brent oil prices having stabilized just below the BoC’s $60 forecast; and the spread between Brent and Western Canadian Select (WCS) as well as the spread between WTI and WCS, are close to their recent lows (a positive for Canada)."