- The Bank of Canada is keeping rates unchanged, as expected.
- The CAD strengthened slightly after the announcement.
- USD/CAD is moving towards daily lows, below 1.3450.
He USD/CAD has weakened after the Bank of Canada (BoC) decision and is moving towards daily lows, trading below 1.3440.
He The BoC announced on Wednesday that it was leaving the key interest rate unchanged at 4.5%. after the April monetary policy meeting, as expected. The Governor of the BoC, Tiff Macklenwill offer his comments on the political perspectives and answer questions in a press conference that will begin at 15:00 GMT.
The CAD strengthened slightly overall after the decision, but still lags among the G10 currencies. The worst performing currency is the US dollar, which fell following the release of the Consumer Price Index (CPI) and amid improving market sentiment.
He USD/CAD moves with a bearish bias and is about to test the daily low at 1.3430. Below that level, the focus would be on the zone of 1.3400 (April minimum). Meanwhile, as long as the pair remains below 1.3500, the short-term outlook is bearish.
USD/CAD technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
