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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.
Joe Biden will take the post of president of the USA on the morning of 20 January 2021. Trump is going to skip the inauguration. What will be the market reaction? Let’s find out!
What are the forecasts for silver, platinum and palladium?
USD/CAD continues dipping. Follow US jobless claims and the speech of Fed’s Powell!
GBP/USD went beyond 1.37 and reversed the gains. How to trade it now?
Let's trade GBP/USD. It gives a very interesting bullish layout currently - you'll find both mid-term and long-term strategies inside.
Asia-Pac bourses took impetus from the gains on Wall Street where stocks rallied to all-time highs and the Nasdaq outperformed.
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