What Will Happen with the Euro? An Economic Perspective.
eurusd-is-falling-what-to-expect-from-the-future-price-movement
BoC Rates Could Alter The Trend on USDCAD and others
Information is not investment advice
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
USDCAD
USDCAD is currently trading around a Daily drop-base-rally demand zone above the 200-EMA (Exponential Moving Average). The moving averages suggest that we are currently bullish on price action. Moreover, coupled with the trendline support, bullish break of structure (marked by the short arrowed line), and the demand zone region, we can expect a bullish reaction from the marked rectangular area.
GBPCAD
GBPCAD has recently broken structure bullish, as shown by the arrowed line to the left. There is also trendline support overlapping with the 50-SMA right around 61.8% of the Fibonacci retracement level. Thus, the price would deliver a bullish reaction from the marked demand zone.
EURCAD
EURCAD has been trading around a Pivot zone on the Daily timeframe. Considering the bullish lay of the Moving Averages, we may not see the bearish move extend below 1.44640. The interest rates will bring clarity to the direction in the future.
AUDCAD
The daily timeframe of AUDCAD shows the price currently within a supply zone. It seems logical to expect some bearish relief from the last bullish run. My target for the bearish retracement would be 0.93810.
Analysts’ Expectations:
Previous: 4.25%
Forecast: 4.50%
CONCLUSION
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
Legal disclaimer: The content of this material is a marketing communication, and not independent investment advice or research. The material is provided as general market information and/or market commentary. Nothing in this material is or should be considered to be legal, financial, investment or other advice on which reliance should be placed. No opinion included in the material constitutes a recommendation by Tradestone Ltd or the author that any particular investment security, transaction or investment strategy is suitable for any specific person. All information is indicative and subject to change without notice and may be out of date at any given time. Neither Tradestone Ltd nor the author of this material shall be responsible for any loss you may incur, either directly or indirectly, arising from any investment based on any information contained herein. You should always seek independent advice suitable to your needs.
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