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CAD bulls stay in charge
Canadian data and talk this week has helped support the loonie which is the best performing major currency on a one month basis by some distance. Governor Macklem didn’t express any undue concerns about the strength of the CAD while inflation rose above forecasts to 3.4% and just released retail sales were a beat, underpinning the hawkish outlook of the BoC. While falling commodity prices are a drag, the global macro backdrop is positive and this should help sustain the broader rally. EUR/CAD rolling over EUR/CAD has been in a downtrend since topping out at the end of December at 1.5785. Since then, prices have ... (full story)