Long Bullish After BOC Rate decisison (Wednesday)
USDCAD has broken below our target area of 1.30-1.29 as expected when the price got rejected back at 1.3150. Price slowed down Last week around 1.2910-1.2880, but eventually, bulls were unable to stop the power of selling by bears. Price has broken below key long-term support levels and looking at longer-term charts we only find horizontal support levels around 1.2770- 1.2800
Today, the USD/CAD pair is moving around the range of 1.2793-1.2794. The Canadian dollar's dynamics can be influenced by the decision of the Bank of Canada regarding the existing monetary policy (MP). Wednesday Rate decision expecting Dovish comments and send USDCAD back to under bulls control
Currently, the Canadian dollar is the leading commodity currencies, receiving strong support from the recent growth in oil prices. It can be recalled that OPEC + representatives expect a recovery in demand for hydrocarbons in 2021.Long term LOOKING Target back to 1.3400 Resistance
🛑SUPPORT/RESISTANCE
✅S1= 1.2770
✅S2=1.2660
✴️R1=1.2910
✴️R2=1.3040
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Today, the USD/CAD pair is moving around the range of 1.2793-1.2794. The Canadian dollar's dynamics can be influenced by the decision of the Bank of Canada regarding the existing monetary policy (MP). Wednesday Rate decision expecting Dovish comments and send USDCAD back to under bulls control
Currently, the Canadian dollar is the leading commodity currencies, receiving strong support from the recent growth in oil prices. It can be recalled that OPEC + representatives expect a recovery in demand for hydrocarbons in 2021.Long term LOOKING Target back to 1.3400 Resistance
🛑SUPPORT/RESISTANCE
✅S1= 1.2770
✅S2=1.2660
✴️R1=1.2910
✴️R2=1.3040
Please like, share, comments and follow me to get daily base analysis.
Thank you for your support, I appreciate it.