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USD/CAD Outlook: BoC, USD Weakness Could Lead to a Drop Below 1.2500
The USD/CAD resumed its push lower after a day of respite, as risk-on sentiment held sway in the markets on the back of several fundamentals. Crude oil prices edged slightly higher on the day, and look set to end the week 6% higher to give the commodity-linked loonie the edge over the greenback. The greenback was also pressured from comments by Fed Governor Christopher Walker, who reiterated the Fed’s position not to raise rates sooner. The USD selloff was confirmed after China’s GDP rose by a record 18.3% to signify a strong recovery of the Chinese economy from the pandemic. A lack-luster recovery on the US bond