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USD/CAD to move downward to 1.2365 if BoC starts tapering – BMO

FXStreet reports that economists at BBH discuss their expectations from the Bank of Canada meeting, the results of which will be announced at 14:00 GMT.

“If the BoC delivers tapering, we would expect USD/CAD to fall and perhaps test the March 18 low near 1.2365. If it does not taper, then we would expect USD/CAD to rise and perhaps test the March 5 high near 1.2735.” 

“Longer-term, CAD direction will be driven in large part by broader USD movements. We remain bullish on USD due to the economic outperformance of the US, but the recent slump in US yields has weighed on the greenback.”

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