USD/CAD MAJOR DECISION COMING
Fundas - Oil had a major pullback this week with supply levels being reported higher. In addition we have the Bank OF Canada (BOC) rate decision this week, weaker oil along with the market seemingly pricing in a no-go on any BOC rate hike has seen a weaker CAD towards the end of May.
Techs - This chart is slightly complicated. As we can see the momentum is to the upside. However price is approaching the key 1.3000 handle. In my opinion breaking this level and holding will depend on what the BOC says. In recent meetings the BOC has not had a positive influence on the CAD, which makes a case for the long. I would wait for a pullback first before i jump in long possibly to the 1.2900-1.2850 area. Regarding a short, i would be playing the range if i see a rejection of the 1.3000 handle and start in based on price action with a ride down to the same 1.2900 handle and below.
Happy Trading
Techs - This chart is slightly complicated. As we can see the momentum is to the upside. However price is approaching the key 1.3000 handle. In my opinion breaking this level and holding will depend on what the BOC says. In recent meetings the BOC has not had a positive influence on the CAD, which makes a case for the long. I would wait for a pullback first before i jump in long possibly to the 1.2900-1.2850 area. Regarding a short, i would be playing the range if i see a rejection of the 1.3000 handle and start in based on price action with a ride down to the same 1.2900 handle and below.
Happy Trading
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