Intraday analysis: USD/CAD slides as BOC rate move eyed

ForexNewsNow | Published on September 8, 2010 at 4:30 am

Forex broker reviews

intraday analysis - BOC chief mark carneyNEW YORK (Forex News Now) – The Canadian dollar rose against its U.S. counterpart on Wednesday, as FX traders awaited a key interest rate decision by the Bank of Canada.

In European morning currency market trading, USD/CAD struck 1.0462, down 0.16 percent on the day.

The Bank of Canada was later expected to hike its benchmark interest rate from 0.75 percent to 1 percent. Shortly after the BOC announcement, the Richard Ivey School of Business was due to release its closely watched Purchasing Managers’ Index for Canada.

According to intraday analysis, USD/CAD was likely to touch support around Monday’s low, 1.0339, and resistance around the daily high, 1.0509.

The loonie’s gains also came ahead of the publication of the U.S. Federal Reserve’s “Beige Book,” analysis used by the central bank’s policy-setting committee in making its next interest rate decision.

Elsewhere, the Canadian dollar fell a tad versus the euro: EUR/CAD traded at 1.3298, up 0.06 percent.

Comments

Subscribe

Sign up for our Newsletter

Top Forex Brokers

CySEC/FSA Regulated
$5 Min. Deposit
5 Trading Platforms
$2000 Deposit Bonus
No Commissions
Multilanguage Support
US traders accepted
Intuitive trading platform
Free no deposit bonus
Mobile trading

Binary Options Video