BOC could burnish CAD credentials as a carry currency - Credit Agricole
Bank of Canada decision coming at the top of the hour
Credit Agricole CIB Research discusses its expectations for tomorrow's BoC policy meeting.'
"The focus will be on the BoC policy meeting and its updated economic projections. Any indications from officials that their confidence in the economic recovery has grown since April and/or any signals of an earlier start of the bank's tightening cycle could prop up the CAD," CACIB notes.
"That said, we think that any gains will likely manifest themselves mainly vs the other G10 commodity currencies," CACIB adds.For bank trade ideas, check out eFX Plus.