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BoC unlikely to cut rates year, short USD/CAD – Growth Aces

FXStreet (Barcelona) - The Growth Aces Research Team expects BoC to maintain rates steady throughout 2015, and further suggests going short on USD/CAD for 1.2000.

Key Quotes

“We maintain our forecast that the Bank of Canada will not cut interest rates this year. However, some market participants still expect such a move. That is why on-hold BOC policy should support the loonie.”

“In our opinion the USD/CAD is likely to decline in the medium term and we are looking to get short on upticks for 1.2000.”

“Resistance: 1.2205 (session high Apr 17), 1.2300 (psychological level), 1.2328 (high Apr 16)”

“Support: 1.2100 (psychological level), 1.2064 (low January 21), 1.2000 (psychological level)”

Russia Producer Price Index (MoM) rose from previous 2.1% to 5.5% in March

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Russia Producer Price Index (YoY) increased to 13% in March from previous 9.5%

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