USD/CAD in 2-day tops post-BoC, near 1.2640

CAD sells off to the area beyond the 1.2600 mark vs. the buck.
BoC leaves rates on hold at 1.25%, in line with expectations.
BoC expects inflation to pick up pace during this year.

Pablo Piovano FXStreet

A wave of selling pressure is now hitting the Canadian Dollar, lifting USD/CAD to the area of fresh 2-day tops beyond 1.2600 the figure following the steady stance from the BoC.

USD/CAD higher on BoC

CAD gained further downside impetus after the BoC left the benchmark rate unchanged at 1.25% at today’s meeting, matching the broad consensus among traders.

In addition, the central bank now expects inflation to be ‘modestly higher in 2018’, while it will continue to assess the labour market with special focus on the remaining slack.

Despite higher rates appear warranted over time, the BoC noted that some monetary accommodation will be needed in order to maintain inflation on target.

Later in the NA session, CAD is seen under scrutiny in light of the press conference by Governor S.Poloz and Deputy Governor C.Wilkins.

USD/CAD significant levels

As of writing the index is gaining 0.57% at 1.2624 and a surpass of 1.2635 (high Apr.18) would aim for 1.2710 (high Apr.10) and finally 1.2722 (38.2% Fibo of the 2017 drop). On the flip side, the initial support comes in at 1.2525 (low Apr.17) followed by 1.2469 (23.6% Fibo of the 2017 drop) and then 1.2447 (low Feb.16).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD clings to multi-day peaks below 1.3500

GBP/USD trades with marked gains on Friday, now giving away some gains following an earlier surpass of the key 1.3500 yardstick. Indeed, Cable gathers fresh steam amid the strong offered stance in the Greenback, all after US NFP badly missed expectations in July.

EUR/USD: Post-NFP bounce falters around 1.1580

EUR/USD reverses Thursday’s decline and trades with solid gains in the 1.1560 region, or two-month peaks, on Friday. The pair’s firm performance comes in a context of a sharp correction in the US Dollar as investors continue to assess disheartening US NFP readings.

How Wall Street rigs the game [Video]

In this week’s Live from the Vault, Andrew Maguire is joined by Peter Antico and Sean Stone to discuss the Paradigm of Money - an in-depth expose of financial market corruption, from naked shorting to the two-tier system that protects Wall Street.

XRP Price Forecast: XRP nears critical $1.00 support

Ripple (XRP) remains pressured on Friday, trading around $1.03 at the time of writing. The token appears to hold this current level as support but lacks a catalyst to sustain a knee-jerk rebound toward the next key resistance at $1.10.

Is Gold about to enter its biggest bull run since 2020?

Gold has stormed back into the spotlight and its next move could leave late buyers chasing. On August 5, the yellow metal surged almost 7% – roughly $174 – to close near $4,308 an ounce, posting one of its biggest daily advances in recent history. A weaker U.S dollar, falling Treasury yields, changing Federal Reserve expectations and renewed safe-haven demand all struck at once.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.