USD/CAD Analysis: declines after BOC overnight rate

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar depreciated against the Canadian Dollar, following the BOC Rate Statement release on Wednesday at 15:00 GMT. The USD/CAD exchange currency rate declined by 105 basis points after the release.

The Bank of Canada released the Canadian Overnight Rate data, which came out in line with the expectations of 1.75%. Note that the US ISM Non-Manufacturing PMI survey results were released at the same time.

All things being equal, the currency exchange rate will most likely regain some of its lost points within the following trading session. Bullish traders could target the 1.3238 zones.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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