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COZfx: USD/CAD retreated after BoC lowered growth outlook

Discussion in 'Analisa Fundamental' started by harryer, Apr 19, 2013.

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  1. harryer

    harryer Member

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    COZforex: The US dollar pared back losses against the Canadian dollar on Thursday as sentiment on the loonie remained weak after the Bank of Canada cut its outlook for growth on Wednesday.

    USD/CAD pulled back from 1.0229, the session low, to hit 1.0260 amid early US trade, dipping 0.02%. COZforex senior currency strategist Ian • Quigley said, USD/CAD is predicted to find support at 1.0214, and a drop through could take it to the next support line of 1.0175. Meanwhile, the pair is predicted to find its first resistance at 1.0294, and a rose through could take it to the next resistance line of 1.0335.

    The BoC trimmed its 2013 economic growth forecast to 1.5% from 2.0% in January on Wednesday and cut its 2014 forecast to 2.7% from 2.8%. The BoC left interest rates on hold at 1.0% in a widely expected decision.

    The loonie rise to session highs against the greenback earlier as oil prices stabilized following steep losses on Wednesday. Crude oil accounts for the majority of Canada’s exports revenue.

    In the US, official data showed that the number of people who filed for unemployment assistance in the US rise slightly more-than-expected last week.

    The Department of Labor said the number of individuals filing for initial jobless benefits last week rise by 4,000 to a seasonally adjusted 352,000, compared to expectations for an increase of 2,000 to 350,000. Jobless claims for the preceding week were revised up to 348,000 from a previously reported increase of 346,000.

    The US was to release the Philly Fed manufacturing index later in the trading day.

    (COZ forex UK)
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