USD/CAD: Loonie on the defensive, 1.3700/50 will offer support – TDS USDCAD Canada BOC Fed Banks
data might do little to assuage the BoC's concern over whether they have done enough on rate hikes, the CAD remains near-term challenged, economists at TD Securities report.“The Canadian labour market continues to fire on all cylinders with no sign of mean reversion after 150K jobs were added in January. This number will not change that risks are far more fluid around the Fed than the BoC.”
“Moreover, we think a higher fed funds terminal rate could raise the perceived risk of a hard landing or a financial accident. That, alongside domestic debt imbalances and fragile risk sentiment, should keep CAD on the defensive for now.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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