Head of the Bank of Canada Stephen Poloz delivered a speech last night. Usually traders wait for the speech to happen as Poloz has a habit of dropping the hints on the future monetary policies. The report contained information on overall states of economy as well as the inflation rates in the country. The lower are the rates – the better it is for the national currency. These speeches and reports are very important as Poloz has the most influence on CAD than anyone else in Canada.
At this graph, showing the movements of USD/CAD couple in the last 24 hours you can see that it is likely that the currency liked whatever Poloz said as it is going higher against the dollar. Although right now we see a little retracement, the growth seems to be an overall tendency for today.
Is it just a retracement or will CAD go all the way down later in the day? Find out with our trading signals!
