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EUR/CAD on the Point of BreakOut
Its central bank time as the next two days will be dominated by BOC and ECB. In Canada the election of the left leaning Justin Trudeau put a special wrinkle in BOC’s plans as his proposal to increase deficit financing in likely to keep Governor Polosz contained and therefore limit any additional stimulus that may come from the central bank.
In Europe on the other hand, the talk has been of more rather than less QE as policy makers look to jumpstart the moribund economy and there is small chance that Mario Draghi may signal that the ECB could expand its program over the next few quarters as policymakers try to guide the euro lower. There is a chance therefore for EUR/CAD could break down from its 1.4600 -- 1.4800 channel and start moving toward the 1.4200 mark.