The Canadian dollar extended its fall against most major currencies in the Asian session on Wednesday, as traders focus on the Bank of Canada's monetary policy meeting due later in the day.

The Bank of Canada's interest rate decision is due at 10:00 am ET. Economists expect the key rate to remain unchanged at 1 percent. Subsequently, Bank of Canada Governor Stephen Poloz and Senior Deputy Governor Carolyn Wilkins hold a news conference to explain the rate decision and the monetary policy report. Late Tuesday, data from Statistics Canada showed that Canadian manufacturing sales dropped by 1.4 percent in November, following the 1.1 percent decrease in October. Economists had expected a decrease of 0.7 percent.

Meanwhile, the International Monetary Fund lowered its forecasts for global growth over the next two years.

Tuesday, the Canadian dollar fell 1.07 percent against the U.S. dollar, 0.42 percent against the Australian dollar and 0.58 against the euro.

In the Asian trading today, the Canadian dollar fell to 1.2113 against the U.S. dollar for the first time since April 2009 and held steady thereafter.

Against the Australian dollar, the loonie slipped to more than a 2-1/2-month low of 0.9932 from yesterday's closing quote of 0.9895. If the loonie extends its downtrend, it is likely to find support around the 1.00 area.

Data from Westpac Bank showed that consumer confidence index in Australia bounced back in January, rising a seasonally adjusted 2.4 percent to a score of 93.2. That follows the 5.7 percent plunge to 91.1 in December. The six-month index average remains at its lowest level since July 2009.

Against the yen, the loonie slipped to a 5-day low of 97.35 from yesterday's closing quote of 98.05. On the downside, 96.60 is seen as the next support level for the loonie.

Looking ahead, U.S. building permits and housing starts for December and Canada wholesale sales data for November are scheduled for release in the New York session.

Euro vs CAD (FX:EURCAD)
Graphique Historique de la Devise
De Fév 2024 à Mar 2024 Plus de graphiques de la Bourse Euro vs CAD
Euro vs CAD (FX:EURCAD)
Graphique Historique de la Devise
De Mar 2023 à Mar 2024 Plus de graphiques de la Bourse Euro vs CAD