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Sep 3, 2014
USD/CAD falls to fresh lows after BoC stays on hold
FXStreet (Córdoba) - USD/CAD turned lower and fell to fresh daily lows after sub-1.0900 after the Bank of Canada announced that it is maintaining its target for the overnight rate at 1%.
The Canadian dollar strengthened and rose against the dollar after the BoC published a neutral statement following the decision. Among highlights, the bank said it remains neutral with respect to the next change to the policy rate its timing and direction will be data dependent.
USD/CAD fell to a low of 1.0875 in recent dealings, cutting almost completely previous day’s gains. At time of writing, the pair is trading at 1.0885, recording a 0.38% loss on the day.
USD/CAD technical levels
In terms of technical levels, next supports for USD/CAD are now seen at 1.0865 (Sep 2 low), 1.0857 (100-day SMA) and 1.0810 (Aug 29 low). On the other hand, resistances could be found at 1.0942 (intraday high), 1.0955 (Aug 27 high) and 1.0996/1.1000 (Aug 26 high/psychological level).
The Canadian dollar strengthened and rose against the dollar after the BoC published a neutral statement following the decision. Among highlights, the bank said it remains neutral with respect to the next change to the policy rate its timing and direction will be data dependent.
USD/CAD fell to a low of 1.0875 in recent dealings, cutting almost completely previous day’s gains. At time of writing, the pair is trading at 1.0885, recording a 0.38% loss on the day.
USD/CAD technical levels
In terms of technical levels, next supports for USD/CAD are now seen at 1.0865 (Sep 2 low), 1.0857 (100-day SMA) and 1.0810 (Aug 29 low). On the other hand, resistances could be found at 1.0942 (intraday high), 1.0955 (Aug 27 high) and 1.0996/1.1000 (Aug 26 high/psychological level).