The pair could move in a more ranging movement as it tracks April's range. Price declines at 0.42637 and fell lower to decline again at 0.41574 with a double top formation all held by the support that showed signs late march and through out April and may.
USDCAD approaches the monthly high (1.4173) as it carves a fresh series of higher highs and lows, but the exchange rate may trade within a more defined range in May as BoC Governor Poloz steps down in June.
It remains to be seen if Canada’s Employment report will influence monetary policy as the update showed the biggest decline since the data series began in 1976, and the economic shock from COVID-19 may put pressure on the BoC to implement more non-standard measures as the jobless rate jumps to 13.0% from 7.8% in March.
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USDCAD approaches the monthly high (1.4173) as it carves a fresh series of higher highs and lows, but the exchange rate may trade within a more defined range in May as BoC Governor Poloz steps down in June.
It remains to be seen if Canada’s Employment report will influence monetary policy as the update showed the biggest decline since the data series began in 1976, and the economic shock from COVID-19 may put pressure on the BoC to implement more non-standard measures as the jobless rate jumps to 13.0% from 7.8% in March.
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