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COZfx: Interest rates are expected to remain relatively low

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COZfx: Interest rates are expected to remain relatively low

Postby dwang » Mon May 19, 2014 2:03 am

COZforex: For the past trading session, the USD dropped 0.15% against the CAD to close at 1.0873.

In Canada, the Bank of Canada Deputy Governor, Lawrence Schembri, indicated that, in order to push inflation upward to the central bank’s 2.0% target, interest rates in Canada are expected to be at a relatively low level for a prolonged period of time even as they pose a major challenge to the nation’s pension funds.

Separately, data showed that manufacturing shipments in Canada rose more-than-expected 0.4%, for the 6 times in seven months, to C$50.92 billion.

In the Asian trading session, USD/CAD is trading at 1.0873, with the USD trading flat from yesterday’s close.

In technical analysis, COZforex senior currency strategist Ian • Quigley said, USD/CAD is predicted to find support at 1.0850, and a drop through could take it to the next support line of 1.0828. Meanwhile, the pair is predicted to find its first resistance at 1.0894, and a rise through could take it to the next resistance line of 1.0916.

Amid the later course of the day, the Statistics Canada is scheduled to publish data on the amount of foreign portfolio investment made in Canadian securities and the amount of Canadian.

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