With the BoC monetary policy decision in focus today, the USD/CAD remains mostly bearish around 0.9550. Chris Walker of UBS informs: "Our Canadian economist is in line with consensus, and expects the base rate to be kept unchanged at today's policy meeting. As far as the policy statement is concerned, we would not be surprised to see mildly hawkish overtones seep into the text, given that CPI in May showed a significant increase.”
Given the possibility of the Canadian central bank turning more hawkish, Walker places both the 1-month as well as 3-month target at 1.00.
Given the possibility of the Canadian central bank turning more hawkish, Walker places both the 1-month as well as 3-month target at 1.00.
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