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Forex: USD/CAD testing Tuesday’s highs

The Canadian dollar is resuming its depreciation against the greenback on Wednesday, pushing the cross to the vicinity of the key resistance at 1.0300 ahead of the BoC monetary policy meeting. Market participants expect the central bank commanded by M.Carney to leave the repo rate intact at 1.0%.

“Arguably the softer tone in Canadian house prices and the fiscal measure designed to slow the growth in household debt have provided the BoC with a little further room to act. However, it is likely that any dovish contained within today’s BoC policy statement is likely to be carefully measured”, assessed Jane Foley, Chief Currency Strategist at Rabobank.

At the moment, the cross is advancing 0.22% at 1.0292 with the next resistance at 1.0310 (high Mar.4) ahead of 1.0343 (2013 high Mar.1) and then 1.0363 (high Jun.28 2012).
On the downside, a break below 1.0255 (low Mar.6) would bring 1.0217 (low Feb.28) and then 1.0206 (low Feb.25).

Forex Flash: USD rally a product of global macro risks – ANZ

According to the Head of Global Markets Research Richard Yetsenga at ANZ, “The rally in the dollar since January appears to be little more than a reflection of heightened global macro risks. These same macro risks, however, are likely to see the core central banks retain an easy monetary policy stance, and encourage an ongoing rotation out of fixed income, into equities and other risky assets.”
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Forex: USD/CHF blocked at 0.9450

The USD/CHF upside is being blocked by 0.9450 since mid-European morning and now, as the NY session approaches, the pair is easing, currently to 0.9432 (+0.25% on the day). The pair passed close by the 0.9400 mark earlier in the day before heading higher.
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