USDCAD Closed the week weak – USDCAD has recouped above 1.2400 after logging a 26-month low on Friday at 1.2339. The weak U.S. August jobs report weighed on the pairing. USDCAD has fallen by over 6% on the year-to-date, reflecting a rebalancing of the Canadian economy as the drag from the oil price shock phased out. The BoC expected to leave policy unchanged at its policy meeting this Wednesday, but anticipate it to make a second rate hike in October. There is a batch of Canadian data releases this week, culminating in the August employment report on Friday, which on net should leave BoC’s gradual course of monetary policy tightening on track.
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