Canadian dollar (CAD)

The Canadian Dollar dropped versus the Dollar after BOC held the Interest Rate at 0.25% as expected, diminishing expectations of a near Interest Rate increase anytime soon. BOC policy makers said the Canadian Dollar's strengthening was too fast causing investors to sell the Canadian Dollar as Interest Rates will remain low in order not to strengthen the currency. Leading Index came out 1.1% better than 0.9% expected and Wholesale Sales came out worse with -1.4% versus -0.4% expected. Overall, USD/CAD traded with a low of 1.0278 and with a high of 1.0421. No economic data expected today.

CAD/USD - Last: 1.05

Resistance

1.057

1.063

1.065

Support

1.0437

1.036

1.028

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