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  • BoC Governor Macklem: - Rise in Canadian Dollar does pose some risk - We don't target the Canadian Dollar - Most appreciation in Canadian Dollar is coming from broad-based depreciation of US Dollar #BoC $CAD
  • BoC Governor Macklem - Micro-cut is one option available to the BoC - If we see further appreciation of CAD that will become more of a headwind and that presents downward risk to our projections $CAD
  • BoC Governor Macklem: - We could increase pace or shift composition of QE purchases - Yield curve control is an option - BoC reviews the full range of options and will use these options if necessary #BoC $CAD
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  • BoC Governor Macklem: - Adjustment of QE purchases will be "a gradual process," not "a switch" - QE programs will be needed for some time #BoC $CAD
  • BoC Governor Macklem: - Exceptional degree of monetary stimulus currently in place is appropriate - Prepared to use options as needed if economic recovery is weaker than expected - QE stimulus will diminish over time if economy and inflation are stronger than projected #BoC $CAD
  • BoC Governor Macklem: - BoC has options if economy proves weaker than expected - BoC spent a good bit of time discussing stimulus amount #BoC $CAD
  • BoC Governor Macklem - It is too early to consider slowing the pace of QE purchases
  • BoC Governor Macklem: - Canadian economy had considerable momentum up until second half of Q4 - Positive momentum has been broken by resurgence in Covid cases - Projected contraction of 2.5% in Q1 2021 #BoC $CAD
  • BoC Governor Macklem: - Current surge of Covid-19 is a serious setback - Prospects of a strong sustained recovery for H2 2021 have improved - Bank of Canada will continue to support the Canadian economy through these difficult times #BoC $CAD
US Dollar Might Fall Faster than Japanese Yen

US Dollar Might Fall Faster than Japanese Yen

David Rodriguez, Head of Product
ssi_usd-jpy_body_USDJPYSSI.png, US Dollar Might Fall Faster than Japanese Yen

Japanese YenRetail forex traders remain heavily long the Japanese Yen against all major counterparts with a clear exception in the US Dollar. Both the Dollar and Yen seem likely to fall further.

Trade Implications – JPY Pairs: Our sentiment-based trading strategies continue to sell into Yen weakness versus the Euro, British Pound, and Swiss Franc (long EURJPY, GBPJPY, and CHFJPY). The fact that crowds remain heavily long USDJPY suggests that the US Dollar might actually fall faster than the JPY, but both seem poised to fall against broader counterparts. Receive any and all updates on my e-mail distribution list via this link.

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_usd-jpy_body_Picture_13.png, US Dollar Might Fall Faster than Japanese Yen

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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