Last week Bank of Canada (BoC) left unchanged the interest rates and had a dovish view on the Canadian economy and it was seen as negative, or bearish to the Canadian dollar. Although Friday’s Consumer Price Index came at 2.4% showing that Canada inflation is growing faster than expected.
USDCAD fell during Friday’s session, but bounced slightly off the 10 day moving average and managed to close above it.
Expecting downward move to 1.0620 on a break of below consolidation zone at 1.0708 (scenario 1) or a break above consolidation zone at 1.0765 could throw price 1.0844 (scenario 2).
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Good analysis, thank you.
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Thanks for such an informative analysis.
Very good analysis.
The Dollar continued unchanged or high for all peers during the G10 meeting on Monday in the absence of economic events. The U.S. dollar was higher against the NOK, NZD, CAD, GBP, SEK and AUD, in respective order, while remained almost unchanged versus the EUR, JPY and CHF
The pair is right in the middle of a key support and resistance level. It could head in any direction, actually.
Great analysis thank you
Again, another good analysis.
There is no confirmation of direction for pair yet.
Nice post, thank you very much.