1.380
Today
+0.09%
5 Days
-0.34%
1 Month
-1.69%
6 Months
+0.93%
Year to Date
+0.60%
1 Year
+0.09%
Opening Price
1.379Previous Closing Price
1.379Commerzbank analysts Norman Liebke and Michael Pfister report that the Bank of Canada kept its policy rate at 2.25% but adopted a more hawkish tone as inflation risks rise from higher energy prices and trade tensions with the US.
The Canadian Dollar (CAD) trades broadly sideways against the US Dollar (USD) at around 1.3790 on Friday after a strong Thursday, with investors awaiting the United States (US) Nonfarm Payrolls (NFP) data for August, which will be published at 12:30 GMT.
The USD/CAD pair consolidates below the 1.3800 mark during the Asian session on Friday and remains close to a nearly two-week low, touched the previous day.
USD/CAD extends its decline for the second consecutive day on Thursday as broad US Dollar (USD) weakness and the Bank of Canada’s (BoC) hawkish message at its September policy meeting support the Canadian Dollar (CAD).
Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is modestly outperforming after a slightly hawkish Bank of Canada (BoC). Policy was left unchanged, but inflation risks were highlighted and December tightening is fully priced.
Brown Brothers Harriman’s (BBH) Elias Haddad observes USD/CAD is testing key support at 1.3800, where a break could open further downside. The Bank of Canada (BoC) delivered a hawkish hold, keeping rates at 2.25% but warning about increased upside inflation risks.
The Indicators feature provides value and direction analysis for various instruments under a selection of technical indicators, together with a technical summary.
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The downside prevails as long as 1.3833 is resistance, with 1.3774 and 1.3759 as targets
above 1.3833, look for 1.3858 and 1.3873.
The downside prevails as long as 1.3833 is resistance, with 1.3774 and 1.3759 as targets
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