USD/CAD in fresh 2017 lows post-BoC, near 1.2850
|The Canadian Dollar is gathering further steam today, now dragging USD/CAD to fresh lows in the 1.2860/50 region.
USD/CAD weaker on hawkish BoC
CAD derived extra support after the Bank of Canada raised its overnight rate target by 25 bp to 0.75% at today’s meeting, matching initial consensus.
The decision by the central bank fell in line with the recent shift to a more aggressive tone and it stays supported as well by positive economic developments in the domestic economy.
Later in the session, all the attention will be on the press conference by Governor S.Poloz.
USD/CAD significant levels
As of writing the pair is losing 0.49% at 1.2852 facing the next support at 1.2818 (low Sep.7) seconded by 1.2759 (monthly low Aug.18 2016) and then 1.2651 (low Jun.8 2016). On the other hand, a break above 1.2938 (10-day sma) would expose 1.3016 (high Jul.5) and then 1.3091 (21-day sma).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.