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BOC Business Outlook Survey, released about an hour ago, was upbeat on the economy. Rate hike odds ticked further up. USD/CAD, however, is in the process of correcting Friday's outsized fall. 1.24 is the initial support and 1.245 the resistance.
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Loonie breaks below 1.30
Canadian dollar has been among the most wanted major currencies in recent days. Hawkish talk by the BOC was taken seriously with markets now pricing a July 12th hike with 70% probability, up from 35% at the start of the week.
USD/CAD fell 160 pips on Wednesday alone and 360 pips since the middle of last week. It broke below 2016 - 2017 channel and strong support area between 1.30 and 1.3065 in the process. 1.2825 is the next target. A deeper pullback could extend to 1.31 - 1.3150.
USD/CAD fell 160 pips on Wednesday alone and 360 pips since the middle of last week. It broke below 2016 - 2017 channel and strong support area between 1.30 and 1.3065 in the process. 1.2825 is the next target. A deeper pullback could extend to 1.31 - 1.3150.