EURCAD - Sell Small Position at Market after BOC!
Despite the rally in risk assets, the negatives that sent the EUR lower have not changed. The economic gloom in Europe remains and, despite the north-south divide on the ECB board, many still expect policy easing, if not in September than before year-end as Christine Lagarde ascends to the presidency. Thus EUR/CAD is likely to continue to trend lower. Larger option expiries above current spot should help to cap too.
At the same time, the Bank of Canada came out with a less dovish statement yesterday, which should boost the Loonie in the near-term.
Sell a small position at market as we are breaking through the previous support zones from August.
At the same time, the Bank of Canada came out with a less dovish statement yesterday, which should boost the Loonie in the near-term.
Sell a small position at market as we are breaking through the previous support zones from August.
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