A surprise move by the Bank of Canada sends the Canadian Dollar plummeting. The BOC cut their benchmark rate by 25 bps to 0.75%, taking USDCAD to the highest levels seen since April of 2009. The BOC cuts average 2015 growth outlook from 2.1% from 2.4%. The weekly price pattern in USDCAD is becoming parabolic in nature, making fresh long positions riskier, and shorts remaining on the high risk list.
Written by Paul Robinson at dailyfx.com
Written by Paul Robinson at dailyfx.com