Focus: Bank of Canada Rate - 23.10.2012

Monday session was not plenty of news or any macroeconomic releases that is the explanation to pretty slowpoke trading. The lead American S&P500 index closed the day with modest growth making it higher than the key support zone - 1420-1425. Perhaps, the main news can be the new iPad mini presentation by Apple that is planned for tonight. Due to expectations the Company shares gained almost 4% that has become the best growth value for almost 5 moths. The main events in the currency market were featuring Yen and Canadian dollar. Yesterday we commented the situation for both currencies. It is worthy to add that the refinancing rate decision by the Bank of Canada will be made today at 15:00 (CET). There was a belief that Canadian regulator will be the first of G7, raising the interest rate. However the head of the bank-Carney signalized last week that he does not consider the policy tightening in the foreseeable perspective, that was the factor making the CAD significantly lower than its counterparties. The investors are expecting an additional information from Carney and his colleagues today.

USDCAD, daily chart