AUDCAD - Our Forex Trade Today
CAD could be on the up rise for 2 main reasons:
1. Oil prices are sky-rocketing and the Canadian dollar is co-rellated to Oil. Oil up, CAD also Up
2. Rate Hike is inbound.
The Bank of Canada’s First Rate Hike Since 2018 Expected This Week.
The Bank of Canada is widely expected to increase its overnight target rate on Wednesday morning. Despite the market uncertainty unleashed by the current geopolitical crisis in Ukraine, the Bank’s hands appear to be tied given the headline inflation in January soared to a 30-year high of 5.1%.
The target rate, upon which prime rate and variable-rate mortgages are priced, has been at 0.25% since March 2020, when the Bank cut rates at an emergency meeting at the start of the pandemic.
Here’s a look at what some economists and analysts are saying in the lead-up to one of the most highly anticipated Bank of Canada meetings in years.
So, we are Long on Canadian dollar for valid, Fundamental Reasons but why AUD on the other side of the pair and not EUR(that was our second option) on Turkish Lira or Russian ruble for example?
The answer is in the chart. Price is offering us a nice technical entry level and we are taking it.
One Love,
the FXPROFESSOR
1. Oil prices are sky-rocketing and the Canadian dollar is co-rellated to Oil. Oil up, CAD also Up
2. Rate Hike is inbound.
The Bank of Canada’s First Rate Hike Since 2018 Expected This Week.
The Bank of Canada is widely expected to increase its overnight target rate on Wednesday morning. Despite the market uncertainty unleashed by the current geopolitical crisis in Ukraine, the Bank’s hands appear to be tied given the headline inflation in January soared to a 30-year high of 5.1%.
The target rate, upon which prime rate and variable-rate mortgages are priced, has been at 0.25% since March 2020, when the Bank cut rates at an emergency meeting at the start of the pandemic.
Here’s a look at what some economists and analysts are saying in the lead-up to one of the most highly anticipated Bank of Canada meetings in years.
So, we are Long on Canadian dollar for valid, Fundamental Reasons but why AUD on the other side of the pair and not EUR(that was our second option) on Turkish Lira or Russian ruble for example?
The answer is in the chart. Price is offering us a nice technical entry level and we are taking it.
One Love,
the FXPROFESSOR
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