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BOC Cuts Rates Sending USDCAD Soaring

BOC Cuts Rates Sending USDCAD Soaring

Paul Robinson, Strategist

Talking Points:

  • 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 instructor@dailyfx.com

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

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