Swing Trades: USD/CAD, GBP/USD

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD: Canadian Overnight Rate

The Canadian Dollar weakened against the Greenback, following the Canadian Overnight Rate release on Wednesday. The USD/CAD currency pair gained 69 pips, or 0.55%, which was left with a bounce backwards and continuous fluctuations in the 1.4184 area.

The Bank of Canada released its Overnight Rate data that came out in line with expectations, staying at the same rate for the third consecutive period. However, the bank rate came out as forecasted, it made a significant change in USD/CAD currency pair as well as in other main pairs, where CAD/CHF was shifted even more with a downwards movement of 0.56%.

GBP/USD: UK Retail Sales

The British Pound weakened against the Greenback, following the UK Retail Sales data release on Thursday. The GBP/USD currency pair lost 12 pips, or 0.09%, to continue fluctuating in the 1.4171 area.

The Office for National Statistics revealed lower-than-expected retail sales data for the month of March. Britain's sales volume declined by 1.2%, compared to 0.8% increase in the prior period.

One of the main reasons for such low consumer spending was due to the snow storms over the UK or as they call it: "Beast from the East", that discouraged people to go for a shopping, thus preventing the sales volume to increase to the forecast level.

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Dukascopy Bank Team

Dukascopy Bank SA

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