Canadian Dollar: Bullish momentum builds after BoC – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is modestly outperforming after a slightly hawkish Bank of Canada (BoC). Policy was left unchanged, but inflation risks were highlighted and December tightening is fully priced.
Canadian strategists Shaun Osborne and Eric Theoret from Scotiabank report a bullish momentum building for the Canadian Dollar (CAD) following a slightly hawkish statement from the Bank of Canada (BoC). Despite leaving the policy rate unchanged, the central bank's message indicated increased upside risks to inflation. This shift in tone was met with caution by Governor Macklem in a post-meeting press conference.
The CAD is currently outperforming, but technicals on a short-term basis are bearish, with fair value estimated at 1.3811, paving the way for a potential upward swing into the mid/upper 1.37s range.
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