Canadian Dollar Technical analysis forecast update
This pair is my favorite pair – we achieve 3600 pips over the year’s on the usdcad
We start to analyze usdcad when is faced with break point in 2013
Couple of months I did not talk about usd cad pair, but after yesterday announcement and tomorrow- fed rate we need to be ready to watch on crucial points on the charts
Yesterday Canadian Dollar jumps sharply as boosted by comments from a top BoC official that raises prospect of a rate hike. Senior Deputy Governor Carolyn Wilkins said in a speech that adjustment to lower oil prices was “largely behind us” with help of the rate cuts in 2015. In addition, there are “encouraging signs” of broadening growth across regions and sectors. Meanwhile, there is “significant monetary policy stimulus in the system”, Probably the next move would be a hike.
Technical analysis outlook:
If we look on the charts we can see that there is a major support in 1.30 price area , if the usd cad will hold this levels it will probably continue up if not we should expect for more corrections to 1.19+_ price levels
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