CAD Looking Softer After BoC, Keeping an Eye on EURCAD

So, the Bank of Canada held rates steady yesterday, as expected, but the accompanying statement definitely had a softer tone than some were anticipating. No real surprise, given the recent economic data, but it did seem to take some of the wind out of the CAD's sails. You can see it in the general sentiment, even if $CAD itself isn't showing dramatic moves today at 95.879.

I'm thinking about what this means for crosses. Specifically, $EURCAD at 1.6042. It's been range-bound for a bit, but if the market starts pricing in a more dovish BoC going forward, while the ECB maintains its current hawkish-lite stance, that spread could widen. Not jumping in blind, but definitely watching for sustained breaks above recent resistance levels on EURCAD. Might be a decent scalp opportunity if the momentum picks up. Just keeping it on the watchlist for now.