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Carney is a lot smarter than Trump and the USD/CAD knows it
As you know, last week the Bank of Canada (BOC) passed on lowering interest rates again. That decision followed a report that saw Canadian CPI rise again in March. So, given that data, it was not much of a surprise to see the BOC pass last week, despite mounting calls for another rate cut. There was also some evidence of the BOC exiting, or more rather reducing holdings of US treasuries and all of these elements have helped to push the USD/CAD lower. The USD/CAD has fallen below the 1.38 handle today. That is the lowest level since October last year and it looks like it could easily extend further to the downside. Of course this is mostly about the fallout in the broader US dollar and the determined rebuff by the Canadian Prime minister to threats and intimidation from the US President. So far it looks like Carney is gaining the upper hand too. The low seen in the USD/CAD so far today has been set at 1.3792. The earlier high was set at 1.3854. It is right now at 1.3798
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