FxWirePro
Long

USD/CAD breaks minor trend line support, targets 1.3080/1.3140

FX:USDCAD   U.S. Dollar/Canadian Dollar
505 3 8
Loonie has made a low of 1.2935 and recovered from that level. It has broken minor trend line resistance 1.2985 and is currently trading at 1.2994.

Market awaits BOC             monetary policy which will be announced on Oct             21st at 10:00 EDT             for further direction. BOC             are expected to keep the interest rates on hold at 0.50%.Improving Canadian economy will make the BOC             to keep rates on hold till next year. But BOC             has already surprised the markets twice by cutting the interest rates. Any surprise move by BOC             will CAD lower sharply.

Technically the pair is facing strong resistance around 1.3000 and any break above will take the pair to next target around 1.3050/1.3080.

Overall bearish invalidation can happen above 1.3080 and above 1.3080 will target 1.3140/1.3180.

On the downside minor support is around 1.2960 and break below targets 1.2920/1.2900.

It is good to buy at dips around 1.2990-95 with SL around 1.2960 for the TP of 1.3078/1.3140

zuby
a year ago
Hi I am new in this.Kindly give kind suggestion what should i do before CAD interest Rate News.Kindly Guide me in BUY/SELL
Reply
aeu.webmaster
a year ago
booked full profit, good job, thanks :)
Reply
aeu.webmaster aeu.webmaster
a year ago
actually half lol, got out 1.308
Reply
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