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Bulls are firming up at a critical support area, the bulls came out in force and took the price higher, but as illustrated below, the bears are putting up a fight.
The pair’s price rallied but was met with supply at the start of the new week, despite a dip in crude oil prices. The move in the Canadian dollar could be down to the market’s rethinking for the Bank of Canada in March. Despite Friday’s poor Canadian Employment data for January and subsequent selloff in the Canadian dollar, the BoC is unlikely to have not expected this development.
Economists and investors do not expect this report to derail the BoC in March as the Canadian central bank should have incorporated near-term weakness into its latest projections. Market observers continue to look for four rate hikes in 2022, with balance sheet runoff starting in April.
