Rocketman
Short

USDCAD: The BoC Effect

FX:USDCAD   U.S. Dollar/Canadian Dollar
53 0 2

Fundamentally:
In addition to not lowering rates, the Bank of Canada was dovish. If they maintained rates and were hawkish, then I would probably take a slightly different stance.

But, so far, USDCAD             is a short for me because the BoC             maintained rates and did not lower them. In fact, the BoC             mentioned that commodity prices were a problem for them. Lowering rates for now would hurt their economy. Also, they just had a presidential election; it is best to wait until there is an actual budget by the new presidential party to do anything.

I think that all expectations of a rate cut were burst. Now, people can hold it as an "investment" in the USD, or they can panic out. We shall see what unfolds.. hhmmm....

This was a good decision by the BoC             . If oil             does stabilize from here on out, this should help shorts gain momentum .

Technically:
Monthly: We are at key resistance.

Daily: 10 days of rallying with no end in sight. Those daily rejection candles may be signs of dissipation of the ride up:
snapshot


intraday: Waitig for lower lows:
snapshot
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out