BNY Highlights Sharp Reversal in Canadian Dollar Flows Ahead of BoC Decision
BNY’s Bob Savage notes a sharp reversal in CAD flows ahead of the June Bank of Canada decision, contrasting with April when CAD was generally stronger.
USDCAD
According to BNY’s Bob Savage, Canadian Dollar (CAD) flows have seen a sharp reversal ahead of the upcoming June Bank of Canada (BoC) monetary policy decision. This marks a notable shift from April, when CAD flows were generally positive.
The reversal suggests changing market sentiment as traders position for the BoC meeting. The central bank is widely expected to hold rates steady, but any dovish tilt could further weigh on the loonie.
- Source: BNY commentary via Telegram.
- Implication: Increased uncertainty around CAD direction as the BoC decision approaches.
Source: FXStreet Forex News