Canadian dollar falls on another dovish BOC statement

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The Bank of Canada left the interest rate unchanged at 1% as expected. The accompanying statement remained somewhat dovish.

USD/CAD is now trading higher at 1.0322 after breaking above 1.03

The BOC’s previous rate decision saw a small change towards the dovish side, and this sent USD/CAD towards parity. Since then, the Canadian dollar has shown weakness. The turning-dovish central bank is not the only reason for the weakness, but certainly contributed.

USD/CAD was trading within the 1.0250 to 1.03 range that characterized its trading since the beginning of the week. 1.0360 is the next resistance line, and further support appears at 1.02.

For more on the Canadian dollar, see the USD/CAD forecast.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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