Bank of Canada's Senior Deputy Gov. Carolyn Rogers is on the wires saying:
- Labor market is really a strong indicator right now of excess demand in Canadian economy
- We don't target components of inflation, would target overall level of inflation
- we need higher rates to moderate demand including demand in the housing market
- housing price growth is unsustainably strong in Canada
- it would not be a bad thing for the economy for the growth in housing prices to moderate a bit
- we do expect that housing price growth will moderate as rates go up
The USDCAD moved briefly below the 100 hour MA earlier in the North American session, but has been finding support buyers against that MA over the last 3 hourly bars. A move below would be needed to tilt the short term bias more in the downward direction for the pair.
USDCAD retests the 100 hour MA