BOC Cuts Rates Sending USDCAD Soaring
- BOC cuts rates by 25 bps to 0.75%
- USDCAD responds with huge spike in minutes
- Highest levels since April of 2009, weekly chart becoming parabolic
A surprise move by the Bank of Canada sends the Canadian Dollar plummeting. The BOC cut their benchmark rate by 25 bps to 0.75%, taking USDCAD to the highest levels seen since April of 2009. The BOC cut its average 2015 growth outlook to 2.1% from 2.4%. The weekly price pattern in USDCAD is becoming parabolic in nature, making fresh long positions riskier, and shorts remaining on the high risk list.
USDCAD Weekly: Mar ’08 – Present
--- Written by Paul Robinson
To contact Paul, you can email him at firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.