John Rothfield of BOA says the BOC decision to leave the overnight rate
unchanged at 3.0% and move to a neutral bias was a "shock" to the
market. "Since a 25bps cut was fully priced in today, Dec BAs yield is
so far +39ps!," he notes. BOA maintains that the 6-month C$0.97 to
C$1.03 range on dollar-Canada continues to hold and they would be a
seller of dollar Canada still, Rothfield adds.