June 25, 2022

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

1 min read

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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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