USD/CAD surges through 1.3500 mark, highest since early Jan. post-BoC

   •  As was widely expected, BoC maintains status quo and leave policy rates unchanged.
   •  A more dovish tone in the accompanying rate statement weighs heavily on the CAD.
   •  The USD inches back closer to 22-month tops and remained supportive of the up-move.

The USD/CAD pair caught some aggressive bids and spiked through the key 1.3500 psychological mark, highest since early-Jan. post-BoC announcement. 

The Bank of Canada, at its April policy meeting, decided to maintain status-quo and leave benchmark interest rates unchanged at 1.75%. The decision was on expected lines but a more dovish tone in the accompanying rate statement exerted some fresh downward pressure on the Canadian Dollar. 

The pair rallied hard and now seems to have stabilized near the top end of its daily trading range as the focus now shirts to updated economic projections, which followed by the post-meeting press conference might further contribute towards driving sentiment surrounding the Canadian Dollar.

Meanwhile, the ongoing US Dollar bullish run, inching back closer to 22-month set in the previous session, coupled with a subdued action around crude oil prices, which tends to influence demand for the commodity-linked currency, remained supportive of the positive tone.

Technical levels to watch


Today last price 1.3444
Today Daily Change 0.0022
Today Daily Change % 0.16
Today daily open 1.3422
Daily SMA20 1.3359
Daily SMA50 1.3323
Daily SMA100 1.3346
Daily SMA200 1.3213
Previous Daily High 1.3444
Previous Daily Low 1.3342
Previous Weekly High 1.3404
Previous Weekly Low 1.3274
Previous Monthly High 1.3469
Previous Monthly Low 1.313
Daily Fibonacci 38.2% 1.3405
Daily Fibonacci 61.8% 1.3381
Daily Pivot Point S1 1.3362
Daily Pivot Point S2 1.3302
Daily Pivot Point S3 1.326
Daily Pivot Point R1 1.3462
Daily Pivot Point R2 1.3504
Daily Pivot Point R3 1.3564



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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

EUR/USD chops around amid end-of-month flows, ahead of Trump

EUR/USD is battling 1.11, close to the two-month highs amid choppy trading. Hopes for a fiscal boost in Europe and mixed satisfactory data have supported the currency pair. , Sino-American tensions are rising and investors await President Trump's China announcement.


GBP/USD advances amid US dollar weakness, shrugging off concerns

GBP/USD is trading above 1.23, edging higher amid US dollar weakness and Britain's gradual reopening. Intensifying Sino-American tensions and the Brexit impasse are ignored. 


Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News