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“FOMC may give USD a lift but we favour fading modest USDCAD gains. The CAD (ended last week) more or less unchanged on the USD which is a little surprising in the context of Wednesday’s hawkish Bank of Canada outcome and the violent sell-off in short-end rates which leaves Scotiabank’s aggressive forecast of 100bps of tightening in 2022 looking a bit conservative,” noted Shaun Osborne, Chief FX Strategist at Scotiabank.
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