All eyes are on the Bank of Canada, which holds its monthly rate meeting on Today. Economists are expecting that policymakers (Bank) will raise it's Interest rates by a quarter-point to 1.50%, which is quit high as 2.0% seems to be the upholding limits also, this level has not yet seen since December 2008.
however BoC Governor Stephen Poloz has stated that this time rate decision would be based on economic data where this CAD recently gained in Friday’s strong employment data
whereas our expectations remains below 1.50% on a sentiment level as there are no such article or report found/published by CAD Government
which complies to the providence of economic growth (yes, the growth has been made 31.8 thousand jobs in June, well above the estimate of 22.3 thousand but the numbers are not drastically good to cross or render 1.50%)
which makes a conclusion of CAD but only by a chance of 52%
as estimates are close to conclusion
*NOTE - Trading only Fundamental aspects of a market contains higher risks, more and these analogy should put in consideration rather a
Not what we were expecting however it didn't got to cross 1.50%
which could eventually strengthen the CAD in a Bizarre way
any how here are some possibilities
If it breaks down the trendline it will melt
otherwise analogy remains the same
Trendline as support!
Then this order, if we set the stop loss position 50pip, it is stop loss, if you do not indicate the stop loss, we make a single, it is best not to set a stop loss? Thank you