Loonie gonna push higher against the news?
USDCAD is finding some support for now but BOC (Bank of Canada) gonna increase CAD rate by 25 basis points to 1.5%, presumably this will cause USDCAD to drop heavily, so technical & fundamental do not agree and I'll enter with half the usual risk on this one.
There is some chance that the news is priced in or monetary policy statement would not imply strong cad, all in all a mixed news or no increase at all. The last one will explode the USDCAD to the upside as it is unexpected.
BOC might go for a weaker CAD as there is some trade tensions rising between US & Canada to minimize the effect of US tariffs on Canadian exports.
There is some chance that the news is priced in or monetary policy statement would not imply strong cad, all in all a mixed news or no increase at all. The last one will explode the USDCAD to the upside as it is unexpected.
BOC might go for a weaker CAD as there is some trade tensions rising between US & Canada to minimize the effect of US tariffs on Canadian exports.
Comment:
Lowered SL 30 pips, Waiting for BOC Press Conference. After that I will decide to close it or hold on to it.
Trade closed manually:
Closed Buy#1: -4 pips
Closed Buy#2: +19 pips
Closed Buy#3: +38 pips
Closed Buy#2: +19 pips
Closed Buy#3: +38 pips