15 Jul 2015
USD/CAD rises further to fresh 6-year highs after Poloz’s comments
FXStreet (Córdoba) - USD/CAD jumped more than a hundred pips after the Bank of Canada cut the interest rate, and then the pair stabilized but resumed the upside amid Governor Poloz comments. Recently it reached at 1.2945, the highest level since March 2009.
The pair remains near the highs, holding a strong bullish tone and trading 200 pips above the level it had at the beginning of the day with a gain of more than 1.50%.
BoC and Poloz weigh on Loonie
Initially, the first hit the loonie took was after the rate cut. Some analysts were expecting the move from the central bank but it was not fully discounted. After stabilizing around 1.2900, the press conference started and Poloz said that a purchase program is among the tools it could use to stimulate the economy, that according to him, had a mild contraction during the first half of the year.
The pair remains near the highs, holding a strong bullish tone and trading 200 pips above the level it had at the beginning of the day with a gain of more than 1.50%.
BoC and Poloz weigh on Loonie
Initially, the first hit the loonie took was after the rate cut. Some analysts were expecting the move from the central bank but it was not fully discounted. After stabilizing around 1.2900, the press conference started and Poloz said that a purchase program is among the tools it could use to stimulate the economy, that according to him, had a mild contraction during the first half of the year.