1.384
Today
-0.01%
5 Days
+0.04%
1 Month
-1.28%
6 Months
+1.45%
Year to Date
+0.84%
1 Year
+0.65%
Opening Price
1.383Previous Closing Price
1.384The Bank of Canada (BoC) left its overnight interest rate unchanged at 2.25%, as widely anticipated, but delivered a more cautious message as inflation risks increased and the recovery became harder to assess.
USD/CAD falls to around 1.3875 on Wednesday, down 0.15% on the day, following the Bank of Canada’s (BoC) monetary policy decision. The Canadian Dollar (CAD) strengthens against the US Dollar (USD) after the central bank leaves its policy rate unchanged at 2.25%, in line with market expectations.
BNY’s Geoff Yu notes that Canadian Dollar (CAD) positioning remains weak ahead of the Bank of Canada (BoC) decision, with USD/CAD dominating flows and cross-currency activity surprisingly limited.
Commerzbank’s Michael Pfister expects the Bank of Canada to hold its key rate at 2.25%, a move he says is fully priced with only a small chance of a hike.
USD/CAD has staged a rebound from recent lows near 1.3730 as markets digest a steady policy stance from the Bank of Canada (BoC) amid renewed United States (US)-Canada trade friction.
Societe Generale strategists see 1.3990/1.4030 as a key short-term resistance zone for USD/CAD following its rebound from 1.3730. They argue that a failure to break above this area could keep the broader decline intact, with 1.3840 as initial support.
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The downside prevails as long as 1.3871 is resistance, with 1.3811 and 1.3796 as targets
above 1.3871, look for 1.3896 and 1.3911.
The downside prevails as long as 1.3871 is resistance, with 1.3811 and 1.3796 as targets
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