4 Sep 2013
USD/CAD opens up fresh losses after BoC decision
FXstreet.com (Lisbon) - The USD/CAD was thrown back below the 1.0500 region Wednesday, following the recent statement and interest rate decision of the BoC during US trading.
In Canada, the BoC interest rate was held at 1.0%, which was in line with expectations and unchanged from previous months.
USD/CAD strategic bias
The USD/CAD is now trading at 1.0494 Wednesday, having recently edged lower once again with the results of the BoC. At this juncture, the pair is recording a loss of -0.40% off its opening, looks to test supports at 1.0495, ahead of 1.0469, and 1.0445, notes the Danske Research Team.
USD/CAD strategic bias
According to the TD Securities Team, “The USD/CAD deteriorated over the course of the session yesterday, with the USD seemingly blocked in the upper 1.05 area and short-term momentum weakening. Intraday, we expect support for USD/CAD to emerge in the upper 1.04s intraday (note we are right on the second intraday pivot) after the BoC meeting. No change in the overnight rate or the basic policy stance should serve as a mild contrast to Fed tapering prospects and help prop up the USD.”
In Canada, the BoC interest rate was held at 1.0%, which was in line with expectations and unchanged from previous months.
USD/CAD strategic bias
The USD/CAD is now trading at 1.0494 Wednesday, having recently edged lower once again with the results of the BoC. At this juncture, the pair is recording a loss of -0.40% off its opening, looks to test supports at 1.0495, ahead of 1.0469, and 1.0445, notes the Danske Research Team.
USD/CAD strategic bias
According to the TD Securities Team, “The USD/CAD deteriorated over the course of the session yesterday, with the USD seemingly blocked in the upper 1.05 area and short-term momentum weakening. Intraday, we expect support for USD/CAD to emerge in the upper 1.04s intraday (note we are right on the second intraday pivot) after the BoC meeting. No change in the overnight rate or the basic policy stance should serve as a mild contrast to Fed tapering prospects and help prop up the USD.”