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Forex pairs in this Article » EUR/USD (London) - USD/CAD has rallied strongly though the day on momentum from yesterday's Bank of Canada decision to hold rates.

The BoC voted to hold rates at 1.0 percent, in line with expectations. The accompanying statement from the BoC upgraded its outlook on improved economic conditions, lifted by an improved US economy. The statement forecasted real GDP growth picking up from 1.8 percent in 2013 to 2.5 percent in both 2014 and 2015. This implies that the economy will return gradually to capacity over the next two years.

Canadian retail statistics will be released later today with an expected increase from -0.1 to 0.2 percent in November month-on-month.

USD/CAD is up 0.59 percent on the day to CAD1.1156, remaining in slightly bearish territory.
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