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USDCAD Falls on BoC Rate Decision Despite Strong US Data

USDCAD Falls on BoC Rate Decision Despite Strong US Data

2014-12-03 15:29:00
Tyler Amend,
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Talking Points:

- CAD Bank of Canada leaves rates unchanged.

-USD ISM Non-Manufacturing Composite (NOV) beats market expectations

- USDCAD falls to 1.1352

Bank of Canada decided to leave its main policy rate unchanged at 1.00% in line with market expectations. The follow up statement indicated a relatively balanced and neutral tone with respect to Canadian economic outlook. Bank of Canada follow up statements focused on signs of a broadening recovery, however highlighted the downside inflation risk present in current Oil prices.

USD ISM Non-Manufacturing Composite November data beat market expectations with a headline reading of 59.3 versus analyst estimates of 57.5. US Services industries expanded at thet second fastest pace in more than nine years according to a Bloomberg release follow up, which will strengthen investor sentiment that the US economy will continue its upward trend despite a global economic slowdown. ISM Survey Chairman Nieves made comments directed at the unlikely probability of a sharp downdraft due to relevant US market dynamics.

See the DailyFX economic calendar for this week's important events.

USDCAD 1-minute Chart: December 3rd, 2014 Intraday

USDCAD Falls on BoC Rate Decision Despite Strong US Data

Charts Created using Marketscopeprepared by Tyler Amend

USDCAD fell approximately 40 pips to a daily low of 1.1352 as the Bank of Canada decided to leave its main refinancing rate unchanged. US dollar strength took a backseat to an overpowering CAD despite a better than expected US ISM Non-manufacturing headline reading, which annotated a strong upswing in the US Services industry. The pair is currently trading around 1.1365 at the time of this report.

--- Written by Tyler Amend, DailyFX Research

Follow the DailyFX Team on Twitter at @DailyFXTeam

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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