BOC decision will hit at the same time as tier 1 data
USD/CAD traders may be juggling both sides of the trade. At the same time as the Bank of Canada decision, the ISM will release the Feb non-manufacturing index.
A last look at the OIS market shows the implied probability of a cut at 29%, up from 24.6% yesterday. USD/CAD is also testing a session high ahead of the numbers as it looks like fast money is selling the loonie ahead of the data.
The ISM non-manufacturing index is expected at 56.5 compared to 56.7 prior but the employment and new orders components are also important.
Hold onto your hats.
