Poloz Strikes Again, but CAD doesn't Mean USDCAD
CAD has shown some sessions recently but its knack to increasingly become the day's worst performer reflects the broadening bias from hedge funds betting on Canada's anticipated weakness (PIMCO & Bridgewater). Many traders have wrongfully equated CAD with USDCAD, which is not necessarily accurate due to the emerging weakness in the US currency. Today's remarks from Bank of Canada governor Poloz giving soft guidance over Q1 GDP as well as Friday's upcoming release of February CPI. We highlighted in our “FxPerformance Special” how the relationship between FX performance in January and the rest of the year may have some serious implications for the loonie in 2014. While attention is on USD and GBP ahead of tomorrow's FOMC and UK Budget, we reiterate our Premium Insights longs in AUDCAD and USDCAD from Feb 5th & Feb 24th as well as shorts in CADJPY (last week's entry), all of which are nearing their final targets. AUDUSD long from Feb 24 at 0.8980 awaits final 0.9140.
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