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Canadian Dollar Outlook Hinges on Bank of Canada (BoC) Rate Decision

Canadian Dollar Outlook Hinges on Bank of Canada (BoC) Rate Decision 2021-06-05 04:00:00 David Song, Strategist Canadian Dollar Talking Points USD/CAD gives back the rebound from the start of the month as the weaker-than-expected US Non-Farm Payrolls (NFP) report drags on the Greenback, and the Canadian Dollar may continue to outperform its US counterpart if the Bank of Canada (BoC) unveils a less dovish forward guidance for monetary policy. Fundamental Forecast for Canadian Dollar: Neutral USD/CAD appears to be unfazed by the 68.0K decline in Canada Employment as it pulls back from a fresh weekly high (1.2133), and it remains to be seen if the BoC will react to the fresh data print as job growth contracts for the second straight month.

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