USD/CAD Rises on Unchanged Policy
January 19th, 2010 admin
The Bank of Canada left the interest rate unchanged and more importantly – left the forecast unchanged. Without an upcoming rate hike, the Canadian dollar loses ground to the greenback. Mark Carney likes clear messages. In the headline provided with the rate statement he “reiterates conditional commitment to hold current policy rate until the end of the second quarter of 2010″. This unchanged policy comes on top of improving conditions, and is a disappointment. USD/CAD rose from 1.03 to 1.0340 after the decision, but still remains in the range mentioned in the Canadian dollar forecast . After stronger inflation numbers and improving employment conditions, Carney probably wanted to cool down the …
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