Quotes from Western Union:- Wednesday’s out of left field rate cut by Canada shoved the loonie to C$1.23, a fresh 5 ½ year low, where it remained on Thursday. – The rapid plunge in oil set off the alarms for policymakers to the point they decided to cut rates to 0.75% from 1.0%, a move few, if any, had expected. The bank also downgraded its outlook for the economy over the coming year, reinforcing the loonie’s downturn. – USD/CAD now looks better placed to take aim at C$1.30, a level it last touched in March 2009.
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