Forex: USD/CAD keeps the positive around 0.9935/40
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USD/CAD
FXstreet.com (Barcelona) - The Loonie is posting marginal losses against its fellow neighbour on Tuesday, keeping the 0.9930 after the retail sales in Canada rose 0.2% on a monthly basis, although they contracted 0.3% excluding the auto sector.
Ahead of tomorrow's BoC monetary policy meeting, C.Sutton, Chief Currency Strategist at Scotiabank, comments, "Tomorrow's BoC meeting is likely to stabilize USDCAD trading today& we expect the net result to be a BoC that retains a slightly hawkish tone, which in turn supports CAD. According to the OIS market, expectations that there is a 25% chance of an interest rate hike in Canada this year have been stable in 2013".
As of writing, the cross is up 0.03% en 0.9932 with the next hurdle lying at 0.9963 (Upper Bollinger) followed by 0.9977 (high Dec.31) and finally 0.9982 (MA200d).
On the downside, a break below 0.9855 (low Jan.18) would expose 0.9843 (low Jan.17) en route to 0.9838 (low Jan.16).
Ahead of tomorrow's BoC monetary policy meeting, C.Sutton, Chief Currency Strategist at Scotiabank, comments, "Tomorrow's BoC meeting is likely to stabilize USDCAD trading today& we expect the net result to be a BoC that retains a slightly hawkish tone, which in turn supports CAD. According to the OIS market, expectations that there is a 25% chance of an interest rate hike in Canada this year have been stable in 2013".
As of writing, the cross is up 0.03% en 0.9932 with the next hurdle lying at 0.9963 (Upper Bollinger) followed by 0.9977 (high Dec.31) and finally 0.9982 (MA200d).
On the downside, a break below 0.9855 (low Jan.18) would expose 0.9843 (low Jan.17) en route to 0.9838 (low Jan.16).
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