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According to analysts at TD Securities, while the data is unlikely a game-changer for the BoC, it should drive sentiment towards the loonie over the next few sessions.

Key Quotes

“USDCAD has drifted lower, reflecting a reduction the global risk premium. However, the data will send either a green light or a red stop sign on whether USDCAD can making a convincing break of some key technical levels below 1.29.”

“We are dip buyers here and prefer to remain long AUDCAD and fade the bounce in CADNOK. We hold long EURCAD exposure through riskies.”