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Bank of Canada keeps dovish tone

Posted on: March 02, 2017

US dollar continues to surge with March rate hike back on the table. March hike probability is up to 90% from a previous 50% on Monday. The US 2 year yield is trading at the highest level since 2009. This had let the greenback to strengthen across the board. On the other side of the table, the CAD, JPY and GBP underperforming the most against the big dollar.

The Bank of Canada held rates yesterday with dovish message definitely not helping CAD at the moment. With the significant divergence in monetary policy, the USDCAD could be testing the 1.3600 in the next couple weeks.

Not much data on the deck today as market focus on Yellen’s speech tomorrow in Chicago before the blackout period for the March meeting. Unless Yellen explicitly imply no rate hike, the greenback should continue to grind higher through out the next couple of weeks. Levels to watch in the USDCAD is the 1.3283 100 day moving average with the next support coming in at 1.3200/20.

  • Previous Day’s NA Range 1.3300 - 1.3358
  • Asia overnight range 1.3324 – 1.3364
  • London overnight range 1.3343- 1.3378

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