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USDCAD grinds higher ahead of Bank of Canada

Posted on: October 25, 2017

The theme of USD strength against the Canadian dollar continues this morning as positions get washed out ahead of the Bank of Canada rate decision and MPR statement. With the market pushing back expectations of a rate hike to Q1 2018, it will be important to hear from Poloz and Wilkins about the outlook of the economy to see if they try and keep December on the table. Growth targets for this year will likely be upgraded again just like they were in July, but if the BoC stresses a “wait and see” approach or reinforces data dependency we may still squeeze higher to the important structure around 1.2770/80. Sellers should certainly look to unload some approaching this level while buyers that can afford to be patient should look for better levels.

Durable Goods came in significantly better than expected in the US, which should be a positive for GDP. The focus across the G10 over the next 24 hours will be on the Central Banks, with the Bank of Canada today and the ECB tomorrow being the key ones. While members of the US Senate believe that Taylor (a perceived hawk) will be the next Fed Chair Trump insists he will not announce his decision until next week. Weak CPI numbers in Australia is causing the AUD to sell off against the crosses while a marginally better than expected GDP print in the UK seems to have caught the market short GBP, causing GBPXXX to whip higher this morning.

For those of you that would like to have the ability to execute your FX needs after hours in the overnight sessions or would simply prefer to execute electronically and have not yet been introduced to our ATB FX Online Platform please contact the sales desk and someone will be happy to set you up with access.

  • Yesterday's NA 1.2639 - 1.2693
  • Asia 1.2669 - 1.2687
  • London 1.2678 - 1.2721

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