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Today, the market is awaiting report and rate decision from BOC at 10am Eastern Time.
The currency pair USDCAD is break upward the resistance level R1, which is also 61.8% of Fibonacci level, and the pair is now reaching R2 level, the strong resistance level since MAR 2018.
The market expects BOC to hold the rate for this year. If BOC increase the rate, we might see the currency pair bearish to R1 level while if BOC decrease the rate, we might see the currency pair bullish further.
BOC also might hold the rate today while announce their plan in the market. It might stimulus the currency pair up or down in short term. For those who trades the news need extra cautious and have wide stop loss due to widen spread.
After today, the upcoming important news are the US GDP Q1 data and BOJ rate decision.
Sign up with trusted broker in Australia and receive weekly trading news: axitrader.com/au?promocode=855942
Today, the market is awaiting report and rate decision from BOC at 10am Eastern Time.
The currency pair USDCAD is break upward the resistance level R1, which is also 61.8% of Fibonacci level, and the pair is now reaching R2 level, the strong resistance level since MAR 2018.
The market expects BOC to hold the rate for this year. If BOC increase the rate, we might see the currency pair bearish to R1 level while if BOC decrease the rate, we might see the currency pair bullish further.
BOC also might hold the rate today while announce their plan in the market. It might stimulus the currency pair up or down in short term. For those who trades the news need extra cautious and have wide stop loss due to widen spread.
After today, the upcoming important news are the US GDP Q1 data and BOJ rate decision.
Sign up with trusted broker in Australia and receive weekly trading news: axitrader.com/au?promocode=855942