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USD/CAD extends gains after BoC and Poloz, at 2-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD gained momentum after the Bank of Canada left interest rate unchanged and lowered GDP growth projections. The pair initially jumped to 1.3080 and then rose further. Recently reached at 1.3134, the strongest level in two weeks.

    It was trading at 1.3125, up more than 120 pips, having the best performance in months. So far, price has been able to rise above the 2-day MA that stands at 1.3100. Greenback has risen in three out of the last four trading days accumulating a gain of almost 300 pips since last Thursday.

    It has been a busy week in Canada with general election and today’s BoC decision. The central bank left, as expected, monetary policy unchanged and lowered the growth outlook, triggering a decline of the loonie in the market. The governor of the BoC said that there are clear signs that growth is picking up.

    The decline in crude oil prices favored the bullish bias in the USD/CAD pair today. The WTI barrel is falling more than 2%, trading at $45.30 as it continues to approach September lows.
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