Scotiabank FX Daily – Upside CAD Risk Into BoC W/ Rate Guidance Exp. Unch.

USD strengthening in context of broader risk aversion; longer-term bearish. CAD weak on broader tone; looking to cautious BoC, guidance for higher rates. EUR remains well supported as alternative reserve/haven; range bound. GBP quiet around 50 day MA; focus on Brexit & EU position on guidelines. JPY rallies back toward recent multi-year high; vulnerable on bearish pos’n. AUD recovers from knee-jerk Cohn-driven decline; RBA Gov. Lowe neutral. MXN consolidating early decline; broader tone remains critical; CPI Thursday. (scotiabank)