BREAKING: USDCAD jumps after US services ISM and BoC decision

USDCAD experienced a volatility jump at 3:00 pm BST today, following rate decision announcement from Bank of Canada as well as release of the services ISM data for August from the United States.

Bank of Canada left interest rates unchanged as expected, with the main Canadian rate staying at 5.00%. Money markets were pricing virtually 100% chance of such an outcome and recent data from Canada, especially poor GDP data for Q2 2023, cemented those expectations.

US services ISM index was expected to tick lower in August, from 52.7 to 52.5 pts. Actual data showed an unexpected jump from 52.5 to 54.5 pts. Higher month-over-month readings were spotted in all sub-categories - Prices Paid, Employment and New Orders.

USDCAD jumped in response as the BoC decision turned out to be as expected and ISM was much better than expected. Pair recovered from a small daily loss and swung to gain. Taking a look at the pair at D1 interval, we can see that it is making an attempt at breaking above a key medium-term resistance zone in the 1.3650 area.

Source: xStation5

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