21 Jan 2014
USD/CAD breaks above 1.1000
FXstreet.com (Córdoba) - The USD/CAD extended gains during the European session and rose above the 1.1000 mark for first time since September 2009.
Underpinned by broad greenback strength and caution ahead of the BoC meeting tomorrow, the USD/CAD has risen more than 60 pips within the last hours to hit a high of 1.1018 in recent dealings. At time of writing, the USD/CAD is trading around 1.1010, recording a 0.6% gain on the day.
CAD on the defensive ahead of BoC decision
The Canadian dollar remains vulnerable ahead of the BoC monetary decision Wednesday. "While most pundits see the bank keeping rates at a steady 1%, there is much anticipation of possible dovish rhetoric. This is keeping the loonie on the defensive", said Gerry Davis, analyst at FXBeat.com.
Underpinned by broad greenback strength and caution ahead of the BoC meeting tomorrow, the USD/CAD has risen more than 60 pips within the last hours to hit a high of 1.1018 in recent dealings. At time of writing, the USD/CAD is trading around 1.1010, recording a 0.6% gain on the day.
CAD on the defensive ahead of BoC decision
The Canadian dollar remains vulnerable ahead of the BoC monetary decision Wednesday. "While most pundits see the bank keeping rates at a steady 1%, there is much anticipation of possible dovish rhetoric. This is keeping the loonie on the defensive", said Gerry Davis, analyst at FXBeat.com.