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19 May 2015
USD/CAD eases from highs following BoC Poloz speech
FXStreet (Córdoba) - USD/CAD eased slightly but continued to trade near daily highs above 1.2200 following a speech from Bank of Canada Governor Poloz.
USD/CAD reached a 1-month high of 1.2249 as the dollar extended gains on the back of upbeat US housing data. However, the pair pulled back from highs as the loonie was lifted as Poloz noted Canadian economy is headed in the right direction and positive momentum continues to build and January’s interest rate cut is working.
Poloz said the BoC sees partial growth rebound in Q2 2015, and reaching full capacity by the end-2016. However, he warned about the uncertain outlook. The BoC will monitor closely how firms and households respond to recent climb in the loonie and oil.
USD/CAD is currently trading at the 1.2220 zone, still 0.5% above its opening price, following the speech.
USD/CAD reached a 1-month high of 1.2249 as the dollar extended gains on the back of upbeat US housing data. However, the pair pulled back from highs as the loonie was lifted as Poloz noted Canadian economy is headed in the right direction and positive momentum continues to build and January’s interest rate cut is working.
Poloz said the BoC sees partial growth rebound in Q2 2015, and reaching full capacity by the end-2016. However, he warned about the uncertain outlook. The BoC will monitor closely how firms and households respond to recent climb in the loonie and oil.
USD/CAD is currently trading at the 1.2220 zone, still 0.5% above its opening price, following the speech.