laikos
Long

EURCAD: Uptrend channel bounce up

FX:EURCAD   Euro / Canadian Dollar
Fundamental:
CAD: Latest BOC rate is maintained at 1%. This further pressure CAD as it coupled with slow NAFTA progress.

Technical:
Uptrend channel persist after BOC rate is maintained at 1.0%
Price is now at the bottom of the channel.
Target 1R lower than previous high, but if price broke the level, next target is below weekly resistance 2R
Honestly I anticipated the Bank of Canada would be hawkish in their statement (whilst I expected the rate would be maintained at 1.00% as majority of economists expected) after positive economic data in the past few months such as GDP, Labor Market and Trade Balance. It was a surprise for me how dovish the BOC sounded. Bearish CAD for today is indeed the call I am making as well.
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laikos sufiansaid
@sufiansaid, I was not sure about this trade this the BOC release
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