Last night, the Bank of Canada decided to raise its interest rate by 25 basis points, bringing it to 4.75%. This move came after a pause in the tightening campaign during the two previous meetings. As a result, borrowing costs reached a level not seen in 22 years. Because most of the market, approximately 60%, expected interest rates to remain unchanged, the...
USD/CAD fundamental analysis A tight labour market with unemployment at historic lows that continues to boost consumption, support from interest rates (with a very hawkish Bank of Canada), and, finally, the persistently high energy prices of oil and gas, which act as a tailwind for the Canadian economy, all contribute to the Canadian dollar’s solid...
We've had that all important rejection of the 1.25 level. I was being a pussy so i missed out on a few pips since the rejection. I missed my opportunity on it but I'll still be trading the 4HR breakout swings. We may see some ranging on this pair. The steeper it gets, the weaker. SO, before we see a long opportunity, UC will range for a few days and consolidate...
USDCAD is overstretched to the upside. On the 4H chart, it is outside 800 period Bollinger Bands. Furthermore, there is divergence towards the 1.34 level, suggesting momentum of the upward move is slowing. I expect a pullback on this pair, especially as oil appreciates back to the $50 level, to 1.32. Below 1.32, strong support should be expected at...
Opening : 1.3000 stoploss 1.2964 takeprofit : 1.3381 R/r ratio = 1:10.4