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USD/CAD – 1.2500 in View?
The deal between Saudi’s and Russians has given oil a boost as crude finally took out the $40/bbl level and soared to $42/bbl by the close of NY trade. The news has certainly proven to be a shot in the arm for loonie which tumbled below 1.2800 taking out long term support from last year.
Tomorrow the pair may be pushed lower still on the back of the BOC rate announcement. While the central bank is not expected to make any policy changes, it is likely to reiterate its neutral stance with Governor Poloz reaffirming that the bank will not cut rates any further. With Canadian labor picture surprisingly resilient and with oil price now stabilizing at the $40/bbl level USDCAD could see 1.2500 in the near term as momentum pushes it further down.