Forget EUR/USD, focus on EUR/CAD

Forget EUR/USD, focus on EUR/CAD

21 April 2016, 23:08
Francis Dogbe
0
20
Not a lot was expected to come out of today’s ECB meeting and press conference, and so it proved. The euro huffed and puffed during Mario Draghi’s press conference but ultimately fell against the US dollar, while the latter bounced back presumably on the back of the weekly jobless claims figure (which dropped to the lowest level since 1973) for today’s other US data releases were, again, poor. The slightly stronger dollar weighed on buck-denominated commodities which fell across the board after rallying earlier in the day. The resulting weakness in oil pressurised the Canadian dollar, causing the EUR/CAD to rally. This pair is going to ... READ MORE
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