Here tracking the flows ahead of BoC. Cad has been soft and drifted lower which has been enough for USDCAD to reach the highs in the recent range. The market sentiment which will dominate the flows today is for a supportive BoC and I remain a CAD bull for today's decision.
On the trade side, Trudeau is taking the first steps for ratifying USDMCA. Cad correlations are shifting and Oil prices are becoming the fundamental driver once more, with Oil and Equities starting to find a soft floor the CAD is trading below "fair value" in my books (1.334).
Good luck all those positioning for BoC.
On the trade side, Trudeau is taking the first steps for ratifying USDMCA. Cad correlations are shifting and Oil prices are becoming the fundamental driver once more, with Oil and Equities starting to find a soft floor the CAD is trading below "fair value" in my books (1.334).
Good luck all those positioning for BoC.
Trade closed: target reached:
Well done those who caught the move!
