The Bank of Canada pout some cold water on hike expectations
The warning about Q3 growth and the dailing down of inflation and GDP forecasts have sent traders scratching another hike off the board anytime soon.
USDCAD has jumped to test the August highs around 1.2780, coming up 5 pips short.
USDCAD daily chart
It’s a big level up here and could be the decider for a push into 1.2800. Watch for further failures into here now as that could mean we take some of these gains back. Support is likely to be building around 1.2640 and 1.2700.
One thing with central bank shifts, or the markets view of any shifts, is that it can change a price for a while to come, Short in this pair could be the dangerous path for now.
Ryan Littlestone
Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
Latest posts by Ryan Littlestone (see all)
- Forex options expiries 16 August 2019 - August 16, 2019
- Forex options expiries 15 August 2019 - August 15, 2019
- Forex options expiries 14 August 2019 - August 14, 2019