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“The CAD is liable to soften towards 1.25 and might extend towards 1.26 if the Bank sticks with the view that the output gap will not close until later in 2022. Governor Macklem may try to finesse that point a little in the press conference but will not want to get too tied down on the precise timing of rate hikes. In the unlikely event of the bank sounding more hawkish and effectively endorsing current market pricing for rates, the CAD will rally towards the low 1.23s at least,” noted Shaun Osborne, Chief FX Strategist at Scotiabank.
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