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17 Apr 2013
Forex: USD/CAD in highs ahead of BoC
FXstreet.com (Barcelona) - The Canadian dollar is losing ground against its neighbour on Wednesday, ahead of the BoC interest rate decision due later.
“The overnight rate will remain at 1.00% and the statement will continue to reflect a very mild tightening bias, it is widely expected. The risk for the CAD comes in the messaging on the outlook, however, with the BoC likely to moderate further its message on the economy considering the weak growth trend evident in the domestic economy so far this year”, commented S.Osborne and G.Moore, Strategists at TD Securities.
At the moment, the cross is advancing 0.51% at 1.0260 facing the next hurdle at 1.0265 (high Mar.22) followed by 1.0285 (high Mar.19).
On the downside, a break below 1.0181 (MA21d) would bring 1.0171 (MA10d).
“The overnight rate will remain at 1.00% and the statement will continue to reflect a very mild tightening bias, it is widely expected. The risk for the CAD comes in the messaging on the outlook, however, with the BoC likely to moderate further its message on the economy considering the weak growth trend evident in the domestic economy so far this year”, commented S.Osborne and G.Moore, Strategists at TD Securities.
At the moment, the cross is advancing 0.51% at 1.0260 facing the next hurdle at 1.0265 (high Mar.22) followed by 1.0285 (high Mar.19).
On the downside, a break below 1.0181 (MA21d) would bring 1.0171 (MA10d).