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Canadian Dollar (CAD) Price Slips as BoC Leaves Interest Rates Unchanged

Canadian Dollar (CAD) Price Slips as BoC Leaves Interest Rates Unchanged

2019-05-29 14:09:00
Nick Cawley, Analyst
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USDCAD Price, Chart and Analysis:

  • Bank of Canada leaves monetary policy unchanged.
  • USDCAD hits a six-month high.

Q2 2019 CAD Forecast and USD Top Trading Opportunities

Keep up to date with all key economic data and event releases via the DailyFX Economic Calendar

Bank of Canada (BoC) governor Stephen Poloz left interest rates unchanged at 1.75%, in-line with market expectations, and rates are now likely set to stay put until after the federal elections in October. While Canadian inflation is at or near the 2% target, the BoC has recently trimmed its growth forecasts and suggested a pick-up is unlikely until H2 2019 or later. In the release the BoC made no mention of returning to a ‘neutral rate’, a line seen in the past announcements, giving today’s release a marginally dovish overtone. The next BoC rate decision is on July 10.

USDCAD touched a near six-month high (1.3521) earlier in the session and blew through that level post-release. USDCAD is currently trading at 1.3540 and now looking at the January 2 high at 1.3670 as its next bull target.

Canadian Dollar Forecast: USDCAD Eyeing a Rally off the Consolidation Zone.

USDCAD Five-Minute Price Chart May 29, 2019.

Canadian Dollar (CAD) Price Slips as BoC Leaves Interest Rates Unchanged

Retail traders are 23.9% net-long USDCAD according to the latest IG Client Sentiment Data, a bullish contrarian indicator. Recent daily and weekly positional changes however give us a stronger bullish contrarian bias.

We run several Trader Sentiment Webinars every week explaining how to use IG client sentiment data and positioning when looking at a trade set-up. Access the DailyFX Webinar Calendar to get all the times and links for a wide range of webinars.

What is your view on USDCAD – bullish or bearish? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

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