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9 Sep 2015
USD/CAD challenging low near 1.3170
FXStreet (Edinburgh) - The Canadian dollar is attempting a rebound vs. its American peer on Wednesday, dragging USD/CAD to the 1.3170/65 band so far.
USD/CAD lower post-BoC
The pair saw its decline renewed after the BoC left unchanged its monetary policy stance at today’s meeting, broadly in line with prior surveys. The central bank’s statement argued that the lower exchange rate is helping the resource sector to adjust to the current scenario of lower commodity prices, noting at the same the better tone from the exports sector.
The BoC stressed that the current monetary policy remains ‘appropriate’ given the ongoing conditions, while it added that the economic outlook is unfolding as forecasted.
USD/CAD levels to consider
At the moment the pair is losing 0.26% at 1.3173 with the next support at 1.3161 (low Sep.9) followed by 1.3116 (low Aug.31). On the upside, a break above 1.3310 (high Sep.8) would open the door to 1.3327 (high Aug.31) and finally 1.3343 (high Aug.26).
USD/CAD lower post-BoC
The pair saw its decline renewed after the BoC left unchanged its monetary policy stance at today’s meeting, broadly in line with prior surveys. The central bank’s statement argued that the lower exchange rate is helping the resource sector to adjust to the current scenario of lower commodity prices, noting at the same the better tone from the exports sector.
The BoC stressed that the current monetary policy remains ‘appropriate’ given the ongoing conditions, while it added that the economic outlook is unfolding as forecasted.
USD/CAD levels to consider
At the moment the pair is losing 0.26% at 1.3173 with the next support at 1.3161 (low Sep.9) followed by 1.3116 (low Aug.31). On the upside, a break above 1.3310 (high Sep.8) would open the door to 1.3327 (high Aug.31) and finally 1.3343 (high Aug.26).