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COZfx: USD/CAD drops to 1-month lows after BoC holds

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COZfx: USD/CAD drops to 1-month lows after BoC holds

Postby dwang » Thu May 25, 2017 2:38 am

COZforex: The US dollar dropped to a 1 month low against its Canadian counterpart on Wednesday, as the Bank of Canada left interest rates unchanged and after the release of downbeat US housing sector data.

USD/CAD hit 1.3445 during US morning trade, the pair’s lowest since April 24; the pair subsequently consolidated at 1.3451, down 0.46%. In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD was likely to find support at 1.3408, the low of April 24 and resistance at 1.3612, the high of May 19.
In a widely expected move, the BoC kept the benchmark interest rate unchanged at 0.50%.

At the same time, the US National Association of Realtors said existing home sales decreased 2.3% to 5.57 million units last month from 5.70 million in March. Analysts had expected existing home sales to fall 1.1% to 5.65 million units in April.

Investors were eyeing the minutes of the Fed’s most recent policy meeting, due later in the day, with hopes of further indications on the pace of future rate hikes.

The US dollar broadly weakened recently following a string of revelations surrounding the FBI’s investigation into alleged Russian interference in November’s US presidential election and reports that Donald Trump attempted to interfere with the judicial process.

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