USD/CAD hit session low ahead of BOC decision
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USD/CAD down 47 pips ahead of the central bank decision
The BOC is due at the top of the hour and the Canadian dollar isn’t worried about a dovish surprise. There was talk of a rate cut last month but it’s dissipated and I expect hear a wait-and-see tone. There’s also a tail risk of some incremental caution on inflation or a tightening output gap.
We could see a quick fall to 1.2620 if so.