The Bank of Canada has abandoned any hawkish bias it might have had.
Today's statements from the bank and the press conference following were dovish indeed. For chronology, read from the bottom up:
- Poloz: The setting of rates will give us positive outlook with stronger growth ahead
- Poloz: If there were a negative disturbance, would be fodder for rate cut discussions
- Highlights of Poloz/Wilkins press conference
- Poloz and Wilkins presser begins. To watch it Live....
- Bank of Canada full rate statement for April 2019
- Bank of Canada April rate decision leaves rates unchanged at 1.75%. Abandons rate hike bias/slashes growth forecast
Since the decision a piece from CIBC:
- as dovish an outcome within reasonable expectations
Says shorting CAD looks good from a technical view, Thus long USD/CAD:
- target 1.41
- stop-loss 1.3220
CIBC note risks to the trade:
- higher oil price
- futures market short CAD already
