The USD/CAD pair continues its rally, reaching the upper 1.3500s on Wednesday, after the release of softer-than-expected inflation data for February gives the Bank of Canada scope to ease policy in the future.
USD/CAD rallies up to higher 1.3500s following lower-than-expected Canadian CPI. The data suggests the Bank of Canada will not need to keep interest rates as elevated – a negative for CAD. Traders gear up for the Fed meeting later on Wednesday. The USD/CAD pair continues its rally, reachingthe upper 1.3500s on Wednesday, after the release of softer-than-expected inflation data for February gives the Bank of Canada scope to ease policy in the future.
While an encouraging development that could lead to incrementally more dovish language from the BoC at its upcoming 10-April meeting, we still see hopes for an imminent rate cut as premature.” Says David Doyle, head of economics at Macquarie. Fed meeting ahead USD/CAD is expected to undergo volatility later in the day when the Federal Reserve wraps up its March policy meeting and announces its decisions at 18:00 GMT.
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USD/CAD rallies above 1.3600 on surprisingly soft Canadian Inflation, Fed policy eyedThe USD/CAD pair soars above the round-level resistance of 1.3600 in the early New York session on Tuesday.
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USD/CAD IG Client Sentiment: Our data shows traders are now net-short USD/CAD for the first time since Mar 06, 2024 15:00 GMT when USD/CAD traded near 1.35.Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bullish contrarian trading bias.
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USD/CAD IG Client Sentiment: Our data shows traders are now net-short USD/CAD for the first time since Feb 15, 2024 14:00 GMT when USD/CAD traded near 1.35.Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bullish contrarian trading bias.
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