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CAD Update 28 June 17
We continue to be bullish CAD given the BoC Governor Poloz hawkish comments in an interview with CNBC where he said;
- The rate cut of 50bp in 2015 was to deal with the oil price shock.
- The rate cuts have done their job.
- "We're just approaching a new interest rate decision so I don't want to prejudge, But certainly, we need to be at least considering that whole situation now that the capacity excess capacity is being used up steadily".
This interview overshadows Poloz much-anticipated appearance at the ECB Forum panel 1430 GMT. That said, we will keep a keep eye on his comments.
You can read the full interview at http://www.cnbc.com/2017/06/28/cnbc-transcript-stephen-poloz-bank-of-canada-governor.html
We are looking to sell NZDCAD as it's reversing from the bear channel top around .9750 and we see a dip towards .9445 initially, .9274 March lows over the coming weeks given the MACD is reversing from the overbought level. Above the bear channel top at .9739 will be needed to change the outlook.