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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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...If the dots don't connect, gather more dots until they do...




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Wednesday, January 23, 2013

BOC Maintains Overnight Rate Target at 1%

This statement released by the Bank of Canada today (Wednesday), reveals that it is "maintaining its target for the overnight rate a 1%...The Bank Rate is correspondingly 11/4% and the deposit rate is 3/4%."

This excerpt from their Monetary Policy Report Summary projects a slightly weaker global economic outlook. The full report can be read at this link.

At the time of writing this post, the USD/CAD Forex pair has spiked +.0073. As shown on the Weekly chart below, price is being drawn back to parity (which it just reached), or higher, and is still contained within a tightening large triangle. 

With both Canada and the U.S. vying for dollar devaluation, it will be interesting to see which way this pair ultimately moves...if it does move very far away from parity during 2013 and beyond. Currencies seem to be the "play du jour" lately -- we'll see for how long currency traders maintain an interest in this pair.