The pair continues growing despite results of the meeting. The Regulator decided to keep its current unchanged and noted in the Statement that only one more rate increase should be expected this year. The Canadian Dollar came under pressure, as Governor of the Bank of Canada Stephen Poloz expressed concerns regarding the pace of economic growth in the country.
It should be noted that oil prices have a strong impact on dynamics in the pair, and if a downward correction in the oil market continues, the pair might get support.
On the , the price broke out the middle MA of . The price range is widening that suggests the current trend is likely to continue. is hovering around the zero line. is in the overbought zone.
The indicators recommend long positions.
Support levels: 1.3002, 1.2978, 1.2951, 1.2909, 1.2871, 1.2834, 1.2786, 1.2730, 1.2692, 1.2663.
Resistance levels: 1.3093, 1.3122, 1.3168, 1.3186, 1.3237.
Long positions can be opened from the current level with the target at 1.3093 and stop-loss at 1.2951. Validity – 1-3 days.
Short positions can be opened from the level of 1.3122 with the target at 1.3002 and stop-loss at 1.3168. Validity – 1-2 days.