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16 Apr 2014
USD/CAD jumps above 1.1000 after BoC
FXStreet (San Francisco) - The USD/CAD is currently rallying following the unchanged BoC decision with the pair jumping above the 1.1000 area to post a fresh highest since April 4 around 1.1015.
The Bank of Canada decided to leave its interest rate unchanged at 1.0% as economic growth in Canada is expected to average about 2 1/2 per cent in 2014 and 2015 before easing to around the 2 per cent growth rate of the economy’s potential in 2016.
According to the release: "Inflation in Canada remains low. Core inflation is expected to stay well below 2 per cent this year due to the effects of economic slack and heightened retail competition, and these effects will persist until early 2016."
Currently, USD/CAD is trading at 1.1004, up 0.24% on the day, having posted a daily high at 1.1018 and low at 1.0958. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
Levels to Watch
Above the 1.1015, the US dollar versus Canadian dollar exchange rate would face resistances at 1.1040 and 1.1070. On the downside, supports are at 1.0960, 1.0940 and 1.0915.
The Bank of Canada decided to leave its interest rate unchanged at 1.0% as economic growth in Canada is expected to average about 2 1/2 per cent in 2014 and 2015 before easing to around the 2 per cent growth rate of the economy’s potential in 2016.
According to the release: "Inflation in Canada remains low. Core inflation is expected to stay well below 2 per cent this year due to the effects of economic slack and heightened retail competition, and these effects will persist until early 2016."
Currently, USD/CAD is trading at 1.1004, up 0.24% on the day, having posted a daily high at 1.1018 and low at 1.0958. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
Levels to Watch
Above the 1.1015, the US dollar versus Canadian dollar exchange rate would face resistances at 1.1040 and 1.1070. On the downside, supports are at 1.0960, 1.0940 and 1.0915.