Is Stagnating Price Of The Canadian Dollar Facing on End
what the past could tell us on usd cad future moves
Canada is particularly vulnerable to monetary policy divergences with the Fed because its C/A deficit is predominantly financed by debt related flows, and these bonds are regarded as relatively close substitutes with USD fixed income instruments, The currency pair is trading at 1.2837 as the Lonnie has benefited from a weak USD and a strong oil price.
Today is going to establish very crucial data on usd /cad : BOC Rate Statement and Overnight Rate, The Canadian central bank is not anticipated to make any change to its benchmark interest rate. Economists and analysts are forecasting the BoC to stand pat for the remainder of 2017
Usd cad will looks like we are going to get another wave that will lead usd cad breakdown to 1.2650-80 area, further weakness to 1.2800 needed to confirm the test of 1.2650-80 support.
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On all my usd cad posts I was talked on the long term moves and try to Draw conclusions for the future on this pair , we got the bounce and now my assumption is : scenario will be complicated and you need to be ready for a lot of movements on the usd cad,if 1.31 area will hold so the next target will be at 1.3260 area and even higher to 1.34-1.35, from the other side break down again 1.2960 will confirm more downside to 1.25 – once 1.25 break down the next level on to 1.19
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Is Stagnating price of the Canadian dollar Facing on End