BoC likely to be upbeat, but Doha meeting on the weekend to curb CAD strength

Looking ahead to the BoC monetary policy report, focus will be on the revisions to growth given the stimulatory Trudeau budget which is could see 2016 marked up to closer to 2.0% and 2017 around 2.7% - 0.5% higher in each case.  In light of the breach of support levels through 1.2825-30, we now face the prospect of a further probe towards 1.2500, and even techs are pointing to some near term levels around 1.2720 or so, the downtrend channels give scope for much more.  The Doha meeting this weekend will provide some containment in the meantime, so perhaps look to curb any CAD strength by Friday.