Market Research: CAD

Source: Dukascopy Bank SA
Following the long-awaited, but disappointing ECB decision to expand the monetary policy less than it was initially estimated, the foreign exchange market divided itself into two camps. In the first group, which included the Swiss Franc, Euro and Swedish Krona, we observed a strong rally starting from Thursday of the previous week. The 19-nation currency appreciated by more than 2%, but the Franc had an even sharper gain of 3.21% on a five-day basis. Alongside, the Canadian Dollar and other currencies found themselves below the base line, and the Loonie plunged the most by 2.29% during the period. Meantime, the Kiwi made an attempt to recover on Friday, but bounced back amid a deepening decline in oil prices, which put extra pressure on commodity-linked currencies.

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