Citi: Spot CAD – The big show

From the FXWW Chatroom: We’ll cut straight to the point today: Coming up in Canada we have both the April GDP print, and the Business Outlook Survey.
While it remains important, I think today the BOS will actually trump the GDP print.
The survey is conducted by the BoC and Poloz has seen it, so the hawkish rhetoric over the past couple of weeks by the BoC is presumably on the back of a fairly encouraging report.
Even on a quiet day for CAD, yesterday USDCAD managed to drift lower.
On the downside, we’re watching 1.2835/1.2850 to take profit on our core short before reassessing the position, pre-employment, and pre July BoC meeting.

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