Canadian Dollar Extends Fall
21 Janvier 2015 - 08:24AM
RTTF2
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)
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