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Flash: USD sell off find support - BMP Capital Markets

FXstreet.com (Barcelona) - Stephen Gallo, European Head of FX Strategy at BMO Capital Markets notes that the USD sell off during the early session yesterday didn’t last long and good support emerged near 1.0325.

He adds that a good US Consumer Confidence number plus USD demand for the 4pm WMR fix squeezed USD/CAD higher back towards last week’s highs. He feels that buying dips still seems to be the preferred strategy, as yesterday’s flows look indicative of month end despite talk of USD sellers. However, he writes, “We have the BOC rate decision to contend with today. This is Carney’s last one before he dons his cape to fly over to save the UK, so expectations are for nothing new or surprising. Rates to be left on hold at 1.00% and the usual mild tightening rhetoric plus talk about CAD strength. On the day support should come in near 1.0375 and we will look to buy USD on any pullbacks to that area initially.”

Flash: Not looking for no changes from BoC – TD Securities

Research teams at TD Securities said that they and the market are Bank of Canada at Carney’s last meeting as Governo
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