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Yesterday’s rate hike doesn’t push the Canadian dollar much stronger

By MoneyWay | Oct 25, 2018

USD-CAD has recouped above 1.3000 after yesterday printing a one-week low at 1.2969. The low was seen after the BoC rate hiked interest rates by 25 bp, which had been widely anticipated, with the central bank removing the adjective “gradual” from the statement, resulting in a more hawkish market take. The rebound in USD-CAD has come amid an ongoing rout in global equity markets, which has weighed on the Dollar bloc currencies given the concurrent concerns about flagging global growth and commodity prices, particularly oil prices in the case of the Canadian Dollar. USD-CAD has resistance at 1.3132-35.

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