USD/CAD Outlook (12 July 2022)
The USDCAD continues to be capped by the 1.3050 level. Failing to break higher clearly over several attempts, the USDCAD is likely to trade lower again, back towards the 1.29 level
Apart from the current retracement of the DXY, markets could be pricing in the upcoming rate decision from the BoC.
On Wednesday, the BoC is expected to announce a rate hike of 75bps, in an attempt to stem inflation growth in Canada. The magnitude of the rate hike would match that of the Federal Reserve, and could have its anticipated impact, a stronger Canadian dollar.
Look for selling opportunities in the USDCAD, towards 1.29, with next support at 1.28.
Apart from the current retracement of the DXY, markets could be pricing in the upcoming rate decision from the BoC.
On Wednesday, the BoC is expected to announce a rate hike of 75bps, in an attempt to stem inflation growth in Canada. The magnitude of the rate hike would match that of the Federal Reserve, and could have its anticipated impact, a stronger Canadian dollar.
Look for selling opportunities in the USDCAD, towards 1.29, with next support at 1.28.
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