15 Jan 2014
Flash: BoC coming up - BBH
FXstreet.com (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman noted the BoC on next weeks agenda.
Key Quotes:
“The Bank of Canada meets next week and the string of soft data and official comments has encouraged investors to expect a dovish assessment. The US dollar neared CAD1.10 in early Europe."
"We suspect the greenback is getting stretched here and, perhaps running the stops above there will exhaust the speculative market which, using the futures as a guide have amassed a large short Canadian dollar position. Initial support is now seen near CAD1.09."
Key Quotes:
“The Bank of Canada meets next week and the string of soft data and official comments has encouraged investors to expect a dovish assessment. The US dollar neared CAD1.10 in early Europe."
"We suspect the greenback is getting stretched here and, perhaps running the stops above there will exhaust the speculative market which, using the futures as a guide have amassed a large short Canadian dollar position. Initial support is now seen near CAD1.09."