Buy on a level breakthrough of 1.3120 with 1.3190 target. Stop loss = 1.3070.
Reason for the trading strategy
Market participants do not expect any surprises from the Bank of Canada meeting today. It is expected that the regulator will keep its key interest rate unchanged at 0.5%. Oil prices are an important engine of the Canadian economy; they showed significantly better dynamics in Q2 2016 than they did in Q1 2016. As a result of growth of investment activity, the unemployment rate fell from 7.1% to 6.8% in Canada over the last 3 months, while the core inflation was fixed at 1.5%. In the evening, the publication of the statistics on the US oil inventories may influence significantly on the Loonie.
Reason for the trading strategy
Market participants do not expect any surprises from the Bank of Canada meeting today. It is expected that the regulator will keep its key interest rate unchanged at 0.5%. Oil prices are an important engine of the Canadian economy; they showed significantly better dynamics in Q2 2016 than they did in Q1 2016. As a result of growth of investment activity, the unemployment rate fell from 7.1% to 6.8% in Canada over the last 3 months, while the core inflation was fixed at 1.5%. In the evening, the publication of the statistics on the US oil inventories may influence significantly on the Loonie.
Exness - USDCAD: consolidation before the Bank of Canada meeting
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