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There is no doubt that the loonie has been the most powerful currency as of late. The pair, boosted by a hawkish BOC and surprisingly robust GDP growth has been on a one-way trip towards the key 1.2000 support level. Although the BOC appeared to indicates that its surprise rate hike this week may be the last one for the foreseeable future if the Canadian economy continues to surprise to the upside it may have to tighten monetary policy again.
To that end, tomorrow’s Canadian employment data is sure to be the focus of the market as loonie long try to press the pair through the key long term 1.2100 support. If the labor numbers which are expected to print at 19K exceed estimates, USDCAD could see 1.2000 by next week.