$USDCAD 2 year Old Trendline in play
Updated
- With The Bank of Canada set to make its latest interest rate announcement in an hour from now
USDCAD seems to be in a tight spot as it is currently trading @ a 2 years old rising trendline.
Will The Trendline Hold?
Will get the answer from BoC Governor Stephen Poloz :) who had given two rates in 2015 but is waiting and watching for the effects of the government’s stimulus package to show results. Despite the growth slowing down for the Canadian economy in the second quarter a rate cut at this stage would not be as beneficial as exports have not capitalized on a weaker currency.
The central bank is widely expected to keep its key rate unchanged @ 0.50
but if they cut ohh boy! we will have a massive CAD strength across the board :) and we won't stop before 1.2000
Thanks
Happy Trading
Trade closed: target reached
Trendline was held very nicely and it went straight up into the major resistance.Enjoy
Thanks :)
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