The BOC Freeland is on the wires saying:

  • Bank of Canada has begun work on bringing inflation back to target
  • BOC has tools to keep inflation from becoming entrenched
  • soft landing is not guaranteed as BOC asked to cool inflation, but Canada well-placed to avoid recession
  • I am determined to see our debt to GDP ratio continued to decline in our deficits continue to be reduced

The USDCAD has rotated back down toward its 100 hour moving average over the last few hours of trading after moving higher and bucking the USD lower trend. Earlier in the Asian session, the price bounced off the 100 hour moving average. A move below it could see further downside momentum although there are a number of swing levels down to 1.2859.

USDCAD back down testing its 100 hour moving average