USDCAD Analysis: Looking At The Loonie

Following the Bank Of Canada’s rate cut yesterday we saw USDCAD taking out the key 1.2840 bringing price just shy of the 1.3060 2009 highs. The move was largely expected as concerns surrounding the Canadian economy stemming from the sharp deterioration in Oil prices have been a key focus this year.

Looking at the Monetray Policy statement released yesterday it’s clear that perhaps this won’t be the last cut this year.