Dec 15, 2020 23:37 GMTFXStreet News
USD/CAD continues to trade below 1.2700 despite jawboning from the governor of the BoC.
The pair was pressured by USD weakness amid renewed hopes for a US fiscal stimulus agreement.
USD/CAD is consolidating just beneath the 1.2700 level, despite some seemingly dovish remarks from the Governor of the Bank of Canada over the last few hours. The cross closed FX trade on Tuesday with losses of more than 0.5% or 65 pips and fell below the 1.2700 level for the first time since April 2018.
CAD shrugs of Macklem’s jawboning
CAD appears to have shrugged off a more dovish tone from the Bank of Canada’s Governor Tiff Macklem, who gave a speech at 19:30GMT on Tuesday followed by a press conference from 20:15GMT.