CAD gets a minor lift ahead of tomorrow’s BoC decision. Economists at Scotiabank analyze USD/CAD outlook.
USD/CAD to retest the low 1.33 zone once below 1.34
A minority of forecasters (including a couple of other Canadian banks and two, large Wall St firms) have joined Scotia’s call for a 25 bps hike this week but this remains a non-consensus call.
Markets may hold intraday – considering tomorrow’s nontechnical event risk – before a move develops but the technical pointers are tilted lower.
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