CAD

Bank of Canada monetary policy decision due Wednesday, 7 June 2023 - 'rate hike' preview

Bank of Canada monetary policy decision due Wednesday, 7 June 2023 - 'on hold' preview

The USDCAD traders set up for the BOC rate decision tomorrow

• Price remains below the 100 and 200 day MAs

Canada April building permits -18.8% vs -5.0% expected

• Canadian April 2023 building permit data

USDCAD Technical Analysis - Bouncing around

• The USDCAD keeps bouncing between key levels.

Market Outlook for the Week of 5-9 June

• Realtively calm week with some important releases

FX MAJORS WEEKLY OUTLOOK (05-09 JUNE)

• A more tranquil week on the data front with a couple of central bank policy decisions

Week Ahead: Services ISM; China CPI, trade data; BoC, RBA, announcements

• The Fed is in blackout; the only notable release from the US is the services ISM. Elsewhere, China inflation metrics, and policy announcements from the BoC and RBA will be eyed.

USDCAD Technical Analysis - Rangebound

• Looks like the USDCAD got stuck in a range

Canada May S&P Global manufacturing PMI 49.0 vs 50.2 prior

• Canadian PMI data

Goldman Sachs forecasts Bank of Canada to hold rates steady in June, hike later this year

USDCAD finds support against the downside moving average target

• USDCAD trade between 100 hour moving average above and 200 hour moving average below

Canada Q1 GDP +3.1% vs +2.5% expected

• First quarter Canadian GDP data

USDCAD sellers tried to extend below 50% retracement. They were not successful.

• 50% is at 1.35808

Canada Q1 current account -6.17B sv -8.85B expected

• Canadian first quarter current account data