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2 Dec 2014
USD/CAD rises above 1.1400
FXStreet (Córdoba) - USD/CAD managed to break above 1.1400 and completely retraced yesterday’s losses as the dollar picks up momentum across the board and oil recovery fizzles out.
The greenback strengthened across the board and reversed previous day losses versus commodity currencies, helped by US data and with oil and gold prices weighing after a day of recovery.
USD/CAD accelerated at the beginning of the New York session and reached a daily high of 1.1423 before slowing. At time of writing, USD/CAD trades at 1.1410, 0.74% above its opening price, while crude oil hovers just above $67.00 a barrel, almost 3% down on the day.
On Wednesday, the Bank of Canada will decide on monetary policy. Although the central bank is expected to keep its benchmark overnight rate at 1%, investors will be watching what the BoC may say about oil prices.
The greenback strengthened across the board and reversed previous day losses versus commodity currencies, helped by US data and with oil and gold prices weighing after a day of recovery.
USD/CAD accelerated at the beginning of the New York session and reached a daily high of 1.1423 before slowing. At time of writing, USD/CAD trades at 1.1410, 0.74% above its opening price, while crude oil hovers just above $67.00 a barrel, almost 3% down on the day.
On Wednesday, the Bank of Canada will decide on monetary policy. Although the central bank is expected to keep its benchmark overnight rate at 1%, investors will be watching what the BoC may say about oil prices.