Results of the Bank of Canada meeting

As a result of the December meeting of the Bank of Canada, the key interest rate remained at the previous level of 1.00%. Also, in the CBA protocol, positive dynamics of inflation and underload of labor resources were noted. To a greater extent, the protocol turned out to be very positive, but more in a pigeon manner than expected. As a result, the Canadian dollar was under pressure due to lack of hints of the possibility of raising rates in the future with very positive indicators.

As a result, the pair USD/CAD gained appreciable support, despite the fact that nothing negative about the Canadian economy was said. If the Bank of Canada is indecisive, the pair USD/CAD may find itself under considerable pressure and return to an upward trend, which has been traced since September of this year. Resistance levels: 1.2780 and 1.2800-20, support: 1.2720 and 1.2700.

To find out more details about the state of the market follow Expert’s Opinion

USD/CAD chart. The current price is 1.2750.

Hanzenko Anton