- The USD / CAD forecast shows the dollar in a vulnerable position in front of the food meeting.
- Participants in the market almost completely prices of 25 BPS supply foot prices.
- The bottle also faces pressure to reduce rates this week.
The USD / CAD forecast shows the dollar in a vulnerable position because the markets are prepared for probably to reduce the arrangement at the supply price this week. Meanwhile, the Canadian dollar could also face pressure from the expected price during the Canada policy meeting bank.
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Participants in the market almost affect the prices in full of 25-BPS was reduced on Wednesday. If it is expected, it will have little impact on the dollar. In the meantime, a stroke of surprise or an unexpected tone could increase instability
“We refer to the 25-Bazni-Point cut from FOMC this week, which is more than completely appreciated,” Carol Kong, currency strategist in the Commonwealth Bank in Australia.
“Having an impact on currencies, Powell will have to surpass the market by reducing the 50-body points, unless there is a limited chance to reduce income, except that he does not say that there is a limited chance to reduce teaching.”
On the other hand, the BOC also faces pressure to rate the rates this week the weaknesses in the labor market. However, the Central Bank has already done much in terms of mitigation. Therefore, traders will focus more in a meeting with food.
Today is key events USD / CAD
Today, market participants do not expect key economic editions. Therefore, a couple could consolidate.
USD / CAD Technical forecast: Medvedi Reemerge nearby 1,3875 Resistance
On the technical page, the USD / CAD price paused at a solid support zone after a sharp decline of level 1,385. The decline has occurred as a price to role the bear sample of candlesticks. In the meantime, she paused after meeting 30th and channel support lines.
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USD / CAD trades in a bical channel with clear lines of support and resistance. At the same time, he remained above the 30th, a sign that the bulls have strong leadership. However, the bears showed strength by making a grateful pattern. If this is presented, they could break below SMA and channel support.
The channel’s boot will allow bears to take responsibility and target the support level of 1,3750. On the other hand, if the channel support remains solid, the bulls will return to press the price above the level of resistance to 1.387. Such a move would allow the bikar trend to continue.
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