CUREX Currency Exchange - Edmonton
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“That leaves USD/CAD range bound between the 1.25-1.30 area over the near term. We still maintain that risks are skewed towards a break higher out of that range. As such, we like longer-term USD calls. We’ll reassess if spot closes below 1.2450,” – Bipan Rai, CIBC Capital Markets.
Canada’s Dollar claimed pole position among major currencies for the year this week but strategists at CIBC Capital Markets say it could be close to peaking and have warned that a recently-supportive Bank of Canada (BoC) monetary policy stance now risks turning from tailwind to headwind.
The Canadian Dollar became the best performing major currency in the G10 bucket for the week to Wednesday as well as year overall when the USD/CAD exchange rate slipped lower toward the round number of 1.25 on Tuesday, where it remained in the mid-week session.
Tuesday’s price action came alongside declines in the Dollar Index but gave way on Wednesday to rebound in U.S. exchange rates that did not ruffle the Canadian Dollar’s feathers to the same extent as it did other currencies and that may have to do with a recently-supportive BoC policy stance.
“The Bank of Canada statement and speech from Deputy Governor Beaudry conveyed deep concern with respect to inflation expectations. Indeed, with the output gap now fully closed, any additional pick-up in domestic demand is fully inflationary, and risks a quicker passthrough to second round effects,” says Bipan Rai, North American head of FX strategy at CIBC Capital Markets.
Contact CUREX Currency Exchange
| Address : | 8118 100 St NW, Edmonton, AB T6E 6V5, Canada |
| Phone : | 📞 +8797 |
| Postal code : | 6 |
| Website : | https://curex.space/ |
| Categories : | |
| City : | E |
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