5 September 2012, 18:06  CAD gains 3% since the July

The Bank of Canada interest rate decision is expected to bring nothing new, as the consensus expects policy to remain on hold and the statement to be similar to the latest ones “indicating that policy remains accommodative and some modest withdrawal of stimulus may become appropriate”, wrote TD Securities analysts. Meanwhile, the CAD has already gained 3% since the July policy meeting, entrenching the USD/CAD to the support zone around 0.9840. “Modestly USD-positive price action yesterday has given the market the basis to gain a little more altitude in the short run at least towards 0.9950 we think”, added the analysts.

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