Leveraging on the China reopening arc, the demand for commodities should perpetuate CAD higher in the short term. The Canadian dollar tends to rise alongside with Oil as Canada is 3rd largest exporter of oil.
Even though the Bank of Canada is hinting at a pause in rate hikes, the interest differential between BOC and SNB(Swiss National Bank) could help in moving CADCHF higher.
On the technical side, EMA20 has crossed EMA50 on the H4 chart. We are looking for a confirmation trigger which is for the price to retest EMA50 first before entering a long.
Even though the Bank of Canada is hinting at a pause in rate hikes, the interest differential between BOC and SNB(Swiss National Bank) could help in moving CADCHF higher.
On the technical side, EMA20 has crossed EMA50 on the H4 chart. We are looking for a confirmation trigger which is for the price to retest EMA50 first before entering a long.
Note
Extremely long term consolidation. Gonna be a huge breakout once it's done. I personally believe it's still to the upsideNote
Looking for longs at 0.6850
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.