
The G20 summit took place in Bali, Indonesia, on November 2022…
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CAD will get fresh volatility after BOC statement on June 3 at 17:00 MT time.
The Canadian dollar has enormously outperformed the US dollar. Just look at this swing below!
USD/CAD broke through the 100-day moving average(MA). Now it’s headed towards the 200-day MA at 1.345. If it manages to break through it, it will dip down to 1.33. Resistance levels are 1.38 and 1.4.
The loonie gained on surge of oil prices. The oil market has shown significant recovery. It’s trading at $35. Of course, it’s well below the pre-crisis levels, but the outlook is promising as OPEC+ may expand supply cuts further.
Violent protests in the USA pushed the US dollar down. As a result, investors have doubts about the future US recovery soon. That’s why CAD turned out to be in a win position.
Monday data showed that Canada’s Manufacturing PMI rebounded from 33 in April to 40.6 in May. Numbers are still below 50.0, what means the economy hasn’t recovered yet completely, but things are getting better in Canada.
The markets shrugged off worries about US-China tensions. Instead of it, traders focus on the coronavirus recovery and easing of lockdowns. As a result, the Canadian dollar become favorable as a risk-on currency.
The Bank of Canada’s new chief, Tiff Macklem, will probably leave the rate unchanged at a record low of 0.25% during the meeting on June 3. Some analysts say that Macklem can impose some extra asset purchases to support economic activity with additional liquidity. Others think, he will take a wait-and-see approach and hold its ammunition for a rainy day, when the new money injection really is needed.
The main focus will be on the central bank’s guidance. Investors will look for hints on the future recovery under the new governor.
If the BOC gives optimistic outlook, CAD may go up.
Otherwise, if the BOC’ forecast is uncertain and dark, CAD can go down.
The G20 summit took place in Bali, Indonesia, on November 2022…
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
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