Sell EUR/CAD with Bank of Canada expected on hold
Analysts at BNP Paribas expect the Bank of Canada to hold on rates and refrain for signalling an easing campaign today.
They suggest selling EUR/CAD at 1.3940 (virtually at spot) and targeting 1.3400 and a stop-loss at 1.4150.
They see the Canadian dollar backdrop improving and the BOC staying sidelined until hiking in mid-2016. On the flip side they expect the ECB to remain dovish despite some better eurozone data.
There is very little technical support below the January low.
