USD/CAD Chasing Oil, CAD Data Key for BoC Hike

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CAD, USD/CAD, Analysis and Talking Points

  • Canadian Data In Focus for Near Term BoC Outlook
  • Canadian Dollar Underpinned by Oil

Canadian Data In Focus for Near Term BoC Outlook

Today will see the primary of two main information factors that might cement a January fee hike from the Bank of Canada. The BoC Business Outlook Survey, which is a key enter for the central financial institution’s evaluation of the economic system will doubtless stay. However, a key caveat is that the This fall survey will doubtless have captured the interval prior the unfold of the Omicron variant and subsequent lockdown. That being mentioned, a robust report will probably be sufficient to see a rise in tightening bets and thus underpinning the Canadian Dollar. In flip, ought to a robust report at the moment be adopted up with the next than anticipated inflation print tomorrow, it is going to be tougher to argue in opposition to a January hike. Although, as I’ve famous earlier than, the aggressive market pricing for 2022 stays a tall order.

Source: Refinitiv, DailyFX

Canadian Dollar Underpinned by Oil

Taking a have a look at the Canadian Dollar, given the continued rise throughout the oil advanced, the Canadian Dollar is more likely to play catch-up and thus one other transfer in direction of 1.2450 is in sight, ought to 1.25 give manner.

Canadian Dollar vs Brent Crude Futures

Canadian Dollar Forecast: USD/CAD Chasing Oil, CAD Data Key for BoC Hike

Source: Refiniiv

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