USD/CAD rises to new 2024 high above 1.3650

The US dollar is back in charge of the FX markets this afternoon and of course the USD/JPY has now extended a break above 152 and the EUR/USD and GBP/USD are under pressure. The dollar index (USDX) its now rebounding towards that prior interim high, at 105.10. At the same time the Canadian dollar has fallen too and the USD/CAD has lifted above 1.3650 and that means it has set a new 2024 high this afternoon. That is so far at 1.3661. However, soon we get the monetary policy decision from the Bank of Canada (BOC), at 2.45pm GMT. The move higher in the USD/CAD ahead of this is of course all about the US dollar and now we see if the BOC will add to that by kicking its own currency back further. They may not do that of course, but right now it is going to require a pretty hawkish outcome from the BOC this afternoon, if USD/CAD is to not trade higher and perhaps towards the next, already noted level, at around 1.3725. The USD/CAD is currently trading at 1.3658