Trade planning for USD/CAD Rate decision
The BoC will be releasing their rate decision later tonight at 10pm.
It is anticipated that the overnight rate will be held at 0.5%.
However, it is important to note that President Trump will be speaking (4 hours prior) to the BoC decision.
Any negative decisions or sentiments expressed by President Trump is likely to weaken the USD.
It is likely that the USD/CAD could weaken and breach below the 1.3300 level.
Following that, USD/CAD could bounce strongly from the 1.3240 level.
It is anticipated that the overnight rate will be held at 0.5%.
However, it is important to note that President Trump will be speaking (4 hours prior) to the BoC decision.
Any negative decisions or sentiments expressed by President Trump is likely to weaken the USD.
It is likely that the USD/CAD could weaken and breach below the 1.3300 level.
Following that, USD/CAD could bounce strongly from the 1.3240 level.
Order cancelled:
As anticipated, there was no change in the rate decision, and the CAD's drop was halted at the support level 1.3240.
However, strength in the CAD was partly due to weaker USD, but predominantly due to consistently stronger economic data in Canada.
Therefore, I wont be looking for an upturn in the USD/CAD for now
However, strength in the CAD was partly due to weaker USD, but predominantly due to consistently stronger economic data in Canada.
Therefore, I wont be looking for an upturn in the USD/CAD for now
abit late to enter now, but would be interested if it breaches resistance 1.33