USD/CAD: consolidates above two-year high, awaiting next catalyst - Scotiabank

Analysts at Scotiabank noted that the CAD remains quiet with a second consecutive session of consolidation just below last Wednesday’s two year high. 

Key Quotes:

"Yield spreads remain narrow and CAD-supportive as oil prices (WTI) test $50/bbl in an environment of broad-based USD weakness. 

BoC rate expectations remain firm. 

There are no major domestic releases scheduled ahead of Friday’s trade and employment data, leaving the near-term focus squarely centered on the broader tone."