The G20 summit took place in Bali, Indonesia, on November 2022…
USD/CAD refreshes one-month high
Information is not investment advice
Fed has held the first meeting this year. The bank takes a wait and see approach and leaves both rates and QE pace unchanged while the debt is mounting. Analysts believe that no changes from Fed may be understood as an indirect light-tapering scenario. Higher real rates could be unveiled already in the next quarters. These expectations underpinned the USD.
Elsewhere, Fed’s Powell said that the US economy was still far away from full recovery during his press conference. As a result, the market sentiment worsened and drove safe-havens assets such as the USD upward.
As for the CAD side, the reduced demand for crude oil pressed down the commodity-sensitive Canadian dollar. The constantly rising virus cases added to the overall risk-averse mood as well. All eyes on US GDP and jobless claims at 15:30 MT time. Follow up!
USD/CAD has just broken through the resistance of 1.2830, clearing the way up to the psychological level of 1.2900. However, the rally up should stop near this level as indicators signal a soon falling. The RSI indicator moved above the 70.00 mark, entering the overbought zone. In addition, the price has broken through the upper line of Bollinger Bands, indicating the soon pullback to the downside. Support levels are at the low of December 4 at 1.2775 and the psychological mark of 1.2700.
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Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus