USD/CAD will depend on a number of key events this week.
Bank of Canada, Nonfarm Payrolls and Federal Reserve's chair Jerome Powell in the spotlight.
USD/CAD is up 0.11% and has traveled between a low of 1.3581 and a high of 1.3628 on the day so far. It is going to be a big week ahead while a) investors wait on testimony by Federal Reserve Chair Jerome Powell and Nonfarm Payrolls due on Friday and b) the Bank of Canada Rate Decision will be the major release for CAD for the week.
''We expect the BoC to hold the overnight rate at 4.50% on Wednesday, and maintaining that hold for all of 2023,'' analysts at TD Securities said in a note. '' A flat print on Q4 GDP has removed some of the uncertainty from this meeting; while we expect the statement to acknowledge robust job growth, it should also note that inflation continues to subside with the outlook evolving as expected, which is crucial for the Bank's conditional pause,'' the analysts added.
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