Bank of Canada meeting results
According to the meeting results of the Bank of Canada, the key interest rate remained at the same level of 1.75%. An expected growth in Canadian GDP was also 3%. The inflationary expectation remains at about 2%, which corresponds to the target level.
But, despite all the optimistic data, the Canadian dollar has collapsed on the publication of the Bank of Canada protocol. The reason for this was the persistence of concerns about a trade war, a slowdown in production activity and investment and a decrease in demand for raw materials.
As a result, the Canadian dollar weakened against major competitors. The USD/CAD pair showed a rapid growth on the correction after the decline. As a result, the pair returned to the ascending channel, but remains limited overbought and resistance levels: 1.3140 and 1.3160.
Fig. USD/CAD chart. Current price – 1.3130
Read also: “Swedish Krona. Features of trading Scandinavian currencies “
Hanzenko Anton
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