Forex Today: Sentiment leads the way

What you need to know on Thursday, April 22:

Currencies moved according to stocks and sentiment, amid quite a scarce macroeconomic calendar. The dollar came under selling pressure in the last trading session of the day, with major pairs seesawing between gains and losses to finish the day within familiar levels.  

The EUR/USD pair briefly pierced the 1.2000 level but ended the day unchanged around 1.2030. GBP/USD had similar behaviour, falling to a fresh weekly low before trimming intraday gains.

The Canadian dollar soared after the Bank of Canada decided to leave its key rate unchanged at 0.25%, while cut the weekly net purchases of the government of Canada bonds to a target of C$3 billion from C$4 billion. The policy statement noted that the “adjustment to the amount of incremental stimulus being added each week reflects the progress made in the economic recovery.”  USDCAD settled just below 1.2500 after bottoming at 1.2459

The aussie recovered alongside Wall Street, with AUD/USD heading into the Asian opening trading around 0.7750.

Gold prices surged, with the bright metal flirting with $1,800 a troy ounce, to end the day at 1,793.60. Crude oil prices, on the other hand, extended their declines, with WTI finishing at $ 61.00 a barrel.

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The focus shifts to the main event of the week, the ECB Monetary Policy Meeting.