ACM - We are expecting the BoC to cut rates by 50bp to 3.00% exp in line with market expectations. Currently the market is pricing in 48bp of easing and comments from central banks have led us to believe that the are looking to follow the Fed's aggressive easing cycle downwards. Cad is beginning to be pulled by two forces: the higher commodity prices and exposure to the US and slowdown in domestic growth. Both these forces should keep UsdCad in a 1.000 - 1.0330 range near term.