February 4, 2023

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USD/CAD climbs a full cent from the low ahead of Bank of Canada decision

1 min read


Rough day for the loonie

Rough day for the loonie

The reversal in oil prices and worry about tomorrow’s Bank of Canada decision are weighing on the loonie.

USD/CAD hit a one-month low of 1.2471 and retested it with a dip to 1.2478 today but has since reversed and hit 1.2575 — a one-week high.

The main driver is worry about the virus and reopening. That’s sent global stocks lower today and has crude down 2.5%.

There isn’t much standing in the way of a continued drift higher in USD/CAD but a series of old highs kick in from 1.2600 to 1.2647. That should cap any move today and will be tough to break on tomorrow’s BOC.

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