ECB: Statement Comparison - April 2026 vs March 2026

Full CBS post here:

• "I called President Trump for some clarity on this post. He says the U.S. is not pulling assets in and around the Strait of Hormuz yet: “At some point I will, not quite yet, but countries have to come in and take care of it. Iran has been decimated, but they're going to have to come in and do their own work.""

• Secured Overnight Financing Rate (SOFR): 3.63% (+0.00), volume: $3.082T
• Broad General Collateral Rate (BGCR): 3.62% (+0.00), volume: $1.269T
• Tri-Party General Collateral Rate (TCR): 3.62% (+0.00), volume: $1.239T
• (rate, volume levels reflect prior session)

• USDCAD is trading with a positive bias Tuesday, extending the recent bullish wave that has seen the pair rally 3.1% from the March lows. Strength today would represent a seventh consecutive winning session for USDCAD, with recent gains resulting in a break of key resistance at 1.3753, the Mar 3 high, highlighting a short-term reversal.
• Topside momentum has also gathered pace on a break of trendline resistance, drawn from the February 2025 highs, with yesterday’s price action resulting in fresh yearly highs above 1.3929.
• Fundamentally, it is worth noting that recent turns in the economic data have bolstered the pressure on CAD, with one of the weakest employment reports in recent years in February. January GDP data (0830ET) is unlikely to move the needle, however, markets will be paying attention to the February advance reading within today’s release.
• A continuation higher for USDCAD would place the focus on 1.3985 next, the 76.4% retracement of the Nov 5 ‘25 - Jan 30 bear leg, before 1.4051, the Nov 28 high.
• The BOC recently held its key rate at 2.25%, while the Bank’s take on the impact of higher energy prices leant slightly dovish, emphasizing the downside risks to growth.