From the FXWW Chatroom – A few clients asking about USDCAD today as we climb from yesterday’s 1.3220 close to 1.3306 (current). There is nothing CAD specific happening, in fact CAD is outperforming SEK, NOK and AUD today…Just a mild bout of risk aversion as fixed income continues to frighten and global data threatens to turn the global slowdown narrative into a global recession narrative. Bank of Canada meeting on September 4th will be interesting as there is a 19% chance of a cuts priced there and fully 69% for the October 30 meeting. The BoC will either have to ratify or push back — either way USDCAD gamma for September 4th probalby worth owning.

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