The US dollar gyrated in a broad range against the Canadian dollar, and one does not have to cite European politics as the spurs were mostly domestic, according to analysts at Brown Brothers Harriman.
Key Quotes
“Bank of Canada’s statement, after leaving policy on hold, as widely expected, was understood as a signal that rates would likely be hiked in Q3. The US dollar retreated to almost CAD1.28 from CAD1.30. The following day, Canada reported a weaker than expected Q1 GDP (1.3% vs.1.7% in Q4 17 and expectations that the pace of growth was steady). The US dollar recovered and briefly traded above CAD1.30 after the US employment data. The technical indicators do not appear to be generating a strong signal presently. The greenback has moved lower against the Canadian dollar in only three sessions since May 10.”
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