USD/CAD to slide below 1.32 on soft US CPI and a somewhat hawkish BoC hike – Scotiabank

FXStreet Insights Team FXStreet

USD/CAD tests 1.32 ahead of US data and the BoC policy decision. Economists at Scotiabank analyze the pair’s outlook.

Losses to extend back to the 1.3100/25 area on a push under 1.3200

The CAD nudged just under 1.3250 into the close of trade Tuesday and has made a little more progress on Wednesday to test 1.32. Soft US CPI and a somewhat hawkish BoC hike should drive spot through the figure.

A push under 1.3200 should see USD losses extend back to the 1.3100/25 area.

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FXStreet Insights Team

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