Last week, the BOC kept the interest rates unchanged and announced that “weekly net purchases of Government of Canada bonds will be adjusted to a target of $3 billion.” This statement dropped the value of the pair from the $1.265 resistance area straight into the support level. In the coming days. we anticipate the price to make a small correction, break the support area and make a new low. Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.