CAD strength following BoC comments?
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Watching $CADUSD today, it's pushed up to 0.72088 after the BoC's Deputy Governor gave that speech. The market seems to be interpreting his comments as leaning a bit more hawkish, or at least less dovish than some expected given recent inflation data. We're seeing the $USDX pullback slightly to 25.53, which probably helps, but the $CAD seems to have found some footing.
I'm curious if others are seeing this as a sustained shift or just a knee-jerk reaction. On my watchlist, I'm thinking about how much further room there is if the BoC really is signaling a higher-for-longer stance, especially with oil prices being a bit firmer. Are we looking at a potential break above 0.7250, or will it just fade back to the lower end of the recent range?