The BoC will be releasing their rate decision later tonight at 10pm.
It is anticipated that the overnight rate will be held at 0.5%.
However, it is important to note that President Trump will be speaking (4 hours prior) to the BoC decision.
Any negative decisions or sentiments expressed by President Trump is likely to weaken the USD.
It is likely that the USD/CAD could weaken and breach below the 1.3300 level.
Following that, USD/CAD could bounce strongly from the 1.3240 level.
It is anticipated that the overnight rate will be held at 0.5%.
However, it is important to note that President Trump will be speaking (4 hours prior) to the BoC decision.
Any negative decisions or sentiments expressed by President Trump is likely to weaken the USD.
It is likely that the USD/CAD could weaken and breach below the 1.3300 level.
Following that, USD/CAD could bounce strongly from the 1.3240 level.
Order cancelled
As anticipated, there was no change in the rate decision, and the CAD's drop was halted at the support level 1.3240.However, strength in the CAD was partly due to weaker USD, but predominantly due to consistently stronger economic data in Canada.
Therefore, I wont be looking for an upturn in the USD/CAD for now
Note
price has bounced off the support as initially plannedabit late to enter now, but would be interested if it breaches resistance 1.33
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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.
Join my mailing list jindaotai.com/joinme
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.