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USD/CAD Dives To Support on Hawkish Outlook by the BOC
The Bank of Canada left the benchmark interest rate unchanged, but its tone in the accompanying statement became more hawkish, pushing USD/CAD down to support. USD/CAD now trades at 0.9675, down from 0.9720 before the release. Support is at 0.9667. Support currently holds. Not all is rosy in the BOC statement, but it is definitely better than the previous one. Earlier, Canada’s RMPI (Raw Materials Price Index) unexpectedly jumped by 6.8%, much higher than 3.7% that was expected, and following a strong rise of 5.8% last month. USD/CAD traded at around 0.9720 before the release. The optimism about another temporary ... (full story)