4 Mar 2015
USDCAD declines after BOC keeps rates unchanged
FXStreet (Mumbai) - The Canadian dollar appreciated, pushing the USD/CAD pair lower to 1.2446 levels, after the Bank of Canada held interest rate unchanged at 0.75%. The Bank Rate is correspondingly 1% and the deposit rate is 0.5%.
CAD raging across the board
The Canadian Dollar is printing fresh daily highs across the board after the BOC maintained the key policy rates unchanged. The bank sounded neutral as far as forward guidance is concerned. The policy statement said inflation risks are 'now more balanced' and that the Current degree of stimulus is appropriate. The USD/CAD hit a low of 1.2446 before recovering slightly to trade at 1.2468 levels.
USD/CAD Technical Levels
The immediate support is seen at 1.2431, under which losses could be extended to 1.2386. On the flip side, resistance is seen at 1.2503 (10-DMA), above which the pair could re-test the daily high of 1.2538.
CAD raging across the board
The Canadian Dollar is printing fresh daily highs across the board after the BOC maintained the key policy rates unchanged. The bank sounded neutral as far as forward guidance is concerned. The policy statement said inflation risks are 'now more balanced' and that the Current degree of stimulus is appropriate. The USD/CAD hit a low of 1.2446 before recovering slightly to trade at 1.2468 levels.
USD/CAD Technical Levels
The immediate support is seen at 1.2431, under which losses could be extended to 1.2386. On the flip side, resistance is seen at 1.2503 (10-DMA), above which the pair could re-test the daily high of 1.2538.