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USD/CAD edges higher above 1.3800
The price reaction in the USD/CAD to the rate cut from the BOC yesterday was not exactly overwhelming. Eventually the USD/CAD did climb above the April high, at 1.3804, but it was hard going. The reasons for that would seem to lie with the rate cut from the BOC being entirely expected and the fact that the wider dollar came under pressure into the 4pm London fix. However, the USD/CAD did later set a close above 1.3804, at 1.3808. The US dollar has managed to edge higher so far today. The high seen so far has been set at 1.3829 and right now the risk dynamic is supporting the move higher. The oil price is another thing to keep an eye on today as well. If that starts to unravel on the downside again, then it will support further upside in the US dollar, remembering we have some important US GDP data out later on, which could add or detract from that. The USD/CAD is currently trading at 1.3827
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