The Canadian dollar fell today after a successor to the position of the Bank of Canada head was announced. The currency managed to gain against the euro and the Japanese yen.
Stephen Poloz, the leader of Canada’s export credit agency, will replace the incumbent BoC Governor Mark Carney, who will take the leadership of the Bank of England. Market participants speculated that the new Governor may be more inclined to ease monetary policy. Such talks weakened CAD.
The Canadian currency managed to gain on EUR as after the European Central Bank slashed its interest rates. Bank of Japan minutes led to weakness of JPY, helping CAD against that currency too.
USD/CAD went up from 1.0081 to 1.0102 as of 23:01 GMT today following the drop to 1.0057. Meanwhile, EUR/CAD edged down from 1.3285 to 1.3201 and its daily low was at 1.3142. CAD/JPY advanced from 96.54 to 96.96, but retreated from the daily maximum of 97.72, which was the highest since April 12.
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