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Watching the CAD for BoC signals
Just saw the $USDCAD jump to 1.41104 today after that surprisingly strong inflation print out of Canada. I'm wondering if the Bank of Canada might be forced to pivot sooner than expected, or at least slow their rate cut narrative given the data. Thinking about how this impacts my watchlist, specifically any CAD crosses I was looking at for potential weakness, as this could suggest a floor.
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That inflation print certainly complicates the BoC's outlook, especially if they were leaning towards further rate cuts. I'm curious to see if the market's initial reaction holds, or if the longer-term trend still suggests CAD weakness against other major currencies.