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10 Dec 2014
USD/CAD retests 1.1500
FXStreet (Córdoba) - USD/CAD made another attempt at 1.1500 but was firmly rejected from the psychological level, despite the loonie continues to suffer on the back of oil prices drop.
USD/CAD made a marginal new 5-year high of 1.1501 but failed to decisively break higher and pulled back instead. At time of writing, USD/CAD is trading at 1.1480, recording a 0.31% gain on the day.
Comments from Bank of Canada Governor Poloz failed to help the CAD. At a conference following the release of the Financial System Review, Poloz said Canada recovery has been frustratingly slow. He pointed to a 10-30% overvaluation of the housing market but said risks of a sharp correction were falling.
BoC Governor said oil prices poised a risk to the economy, not the financial system and they are consistent with growth forecasts, although the impact will come in 2015 and inflation will be pushed down.
USD/CAD made a marginal new 5-year high of 1.1501 but failed to decisively break higher and pulled back instead. At time of writing, USD/CAD is trading at 1.1480, recording a 0.31% gain on the day.
Comments from Bank of Canada Governor Poloz failed to help the CAD. At a conference following the release of the Financial System Review, Poloz said Canada recovery has been frustratingly slow. He pointed to a 10-30% overvaluation of the housing market but said risks of a sharp correction were falling.
BoC Governor said oil prices poised a risk to the economy, not the financial system and they are consistent with growth forecasts, although the impact will come in 2015 and inflation will be pushed down.