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USD/CAD Trades into March High Trendline as BoC Talks Down Economy

USD/CAD Trades into March High Trendline as BoC Talks Down Economy

David Maycotte,

Talking Points

  • Bank of Canada Keeps Headline Rate Unchanged at 1.0%
  • US Dollar Rises vs the Loonie Following the Release
  • Bank of Canada Commentary

The Canadian Dollar extended its losses against its major peers as the Bank of Canada (BoC) decided to leave its key rate unchanged at 1.0 percent. However, it was the BoC’s policy announcement that may have driven the loonie losses.

“Temporary Canada CPI rise isn’t tied to broad economy,” said the Bank of Canada in its policy announcement, “[we] are neutral about the next policy rate move.” They also mentioned that Canada’s economy will not hit capacity until mid-2016. As a result, the BOC has lowered their 2014 growth outlook to 2.2 percent from 2.3 percent, and their 2015 growth outlook to 2.4 percent from 2.5 percent.

Story: Canadian Labor Market Disappoints in June, USD/CAD Rips Higher

Currency Analyst Christopher Vecchio posted the following USD/CAD chart to the DailyFX Real Time News feed after the rate decision, which shows the pair running into trend line resistance from the March highs.

USD/CAD Trades into March High Trendline as BoC Talks Down EconomyUSD/CAD Trades into March High Trendline as BoC Talks Down Economy

USD/CAD 5-Minute Chart using FXCM Marketscope 2.0

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

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