USD/CAD at a two week high

The Canadian dollar is struggling ahead of the BOC decision with USD/CAD up 30 pips to 1.2417.

The 1.24 zone recently capped gains in the pair but it's been a choppy, risk averse day in FX with oil down 1.2%.

The big questions on the BOC:

  • Size of the taper (down to $1B/week or to zero)
  • Communication on hikes or transitory inflation
  • Timing of the closure of the output gap
USD/CAD at a two week high