USD/CAD trades towards the highs as greenback corrects. BoC gave little attention to the price of the currency. USD/CAD is currently trading at 1.2816, travelling between 1.2769 and 1.2833. The Canadian dollar was little changed on the day despite the range, coming to a close on Wall Street towards the highs for the day. The Bank of Canada gave less attention to recent gains for the currency than some investors expected and left its key interest rate unchanged at 0.25%. ”The Bank of Canada did not rock the boat at the December meeting, with no change to the overnight rate or QE, and no material change to forward guidance,” analysts at TD Securities explained. ”The Bank struck a balanced tone on recent developments, downplaying both the weaker-than-expected Q3 GDP numbers and the stronger recovery in CPI.” Meanwhile, it’s more about the greenback and also Europe for this week. Last Friday, the greenback fell to a 2-1/2-year low against a basket of major currencies as optimism that a COVID-19 vaccine will boost the global economy next year reduced demand for safe-haven assets. The US dollar, however, has been correcting this week: Looking to the European event risk now, especially on the eve of the European Central Bank and the ongoing Brexit negotiations, the high beta currencies, such as the CAD, will likely respond to how stock markets perform on the developments. USD/CAD technical analysis Meanwhile, from a technical perspective, further to the prior day’s analysis, the upside break has not yet come. Instead, the bears have made a third attempt at the downside: FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD: Retraces pullback from multi-month top above 0.7400 amid mixed sentiment FX Street 2 years USD/CAD trades towards the highs as greenback corrects. BoC gave little attention to the price of the currency. USD/CAD is currently trading at 1.2816, travelling between 1.2769 and 1.2833. The Canadian dollar was little changed on the day despite the range, coming to a close on Wall Street towards the highs for the day. The Bank of Canada gave less attention to recent gains for the currency than some investors expected and left its key interest rate unchanged at 0.25%. ''The Bank of Canada did not rock the boat at the December meeting, with no change to the overnight rate or… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
