Sforex
Long

Loonie: Congrats Liberals-Trudeau. BOC Meeting next.

FX:USDCAD   U.S. Dollar/Canadian Dollar
250 2 3
What I see is USDCAD             boucned from 38.2% Fib Retracement at 1.2862. I think this is a real bounce, not a short term squeeze.

I send a congrats to Liberals and Justin Trudeau won Federal Election.

Remember that Liberals is very dovish, and I will not surprised if BOC             is more dovish tomorrow.

Tomorrow, the main focus is BOC             Meeting.

A rate cut is impossible when current rate : 0.5% is too low, BOC             cut rate two times this year, and I don't expect one more rate cut.

However, I think BOC             would support economic plan of Liberals, they need to deappreciate Loonie to enhance Canada economy.

A more dovish tone is likely.

Canada economy is not indeed negative recently : low GDP and high employment rate, so I think BOC             couldn't keep silent tomorrow.

I maintain my view USDCAD             will extend to 1.3100.
ChatchaiVong
a year ago
thank so much
Reply
Piet.Hein
a year ago
I have already took my profits :)
Reply
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