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USD/CAD fails to hold the rate cut gain
Yesterday the Bank of Canada duly did as expected and lowered their OCR by 0.25%. As reported here at the time, that news sent the USD/CAD jumping above 1.3700, from levels around 1.3675 ahead of the change. The US dollar lifted to a high around 1.3740 following that rate cut, but it could not sustain the rise and fell back into the US close, where it ended the session at 1.3694. Since then the price has been tracking a bit lower today. The low seen earlier today was set at 1.3666. That is surely a disappointment to USD/CAD bulls, especially given that the BOC left the door wide open for more cuts to come. So, right now the USD/CAD is back to square one in that sense, trading where it was before the BOC cut rates- 1.3678
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