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CAD Update 28 June 17

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.

This article is an extended commentary piece from the FXNavigator service. The FXNavigator service provides intraday analysis of 42 currency markets with technical and economic research being updated multiple times per day. The service also includes fully interactive real-time FX charting utilizing TraderMades exclusive database of more than 40 years of data. Contact us at +44 20 8313 0992 or email for further information.

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