After the release of this fundamental surprise, USDCAD rallied nearly 200 points to post a massive triple top at 1.30 before pulling back into the weekend. However, this may not be the last we see of this pivotal technical level and four-year high. Next week, a relatively active docket will be headlined by the Bank of Canada’s final rate decision for this year. Bloomberg’s survey of economists is predicting a 50 bps cut to 1.75 percent. This would keep the central bank on the slow-and-steady track; but will their pace change in light of degrading market and economic conditions?
Related Article: High Risk In A Remarkably Clear USDCAD Range Test, Canada Employment Falls the Most Since 1982
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