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BoC holds, USDCAD reaction muted so far
BoC just announced no change to rates, as widely expected. The statement leaned slightly more hawkish than some anticipated, noting that inflation risks remain. Still, $USDCAD is only up about +0.22% on the day, trading near 1.40427. The range has been 1.40014–1.40536, suggesting the market wasn't entirely surprised. Watching for sustained breaks above the day high, but for now, it feels like the big move might be priced in. Still keeping an eye on it for any follow-through.
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Agreed, the muted reaction on USDCAD suggests much of this was priced in. The hawkish lean might provide a floor for CAD, but sustained USD strength could still push it higher.