The price collapse was triggered by the hawkish monetary policy verdict of the Bank of Canada. The central bank decided to change the size of the QE program. Volumes of weekly purchases of government bonds were reduced from the current C$4 billion to C$3 billion.
USD/CAD, 30 min
Pivot: 1.2500
Analysis:
Provided that the currency pair is traded below 1.2520, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2500
- Take Profit 1: 1.2480
- Take Profit 2: 1.2455
Alternative scenario:
In case of breakout of the level 1.2520, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2520
- Take Profit 1: 1.2545
- Take Profit 2: 1.2570
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
Resistance -- Support
1.2570 ------- 1.2480
1.2545 ------- 1.2455
1.2520 ------- 1.2430
USD/CAD, D1
Pivot: 1.2600
Analysis:
While the price is below 1.2745, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2600
- Take Profit 1: 1.2360
- Take Profit 2: 1.2220
Alternative scenario:
If the level 1.2745 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2745
- Take Profit 1: 1.2855
- Take Profit 2: 1.2980
Comment:
RSI shows the possibility of the downtrend in the medium term.
Key levels:
Resistance -- Support
1.2980 ------- 1.2360
1.2855 ------- 1.2220
1.2745 ------- 1.2100
USD/CAD Forecast Fundamental Analysis | US Dollar / Canadian Dollar
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