The Bank of Canada kept rates unchanged at 1.75% as widely expected by markets. Bank Of Canada Governor Poloz will hold a press conference at 14:15GM T.
USDCAD trading close to daily low before the decision at 1.3071 amid USD weakness across the board after Jerome Powell, Chair of the Board of Governors of the Federal Reserve System Remarks. The Loonie also gets a boost by the rally in crude oil today which trades 2% higher at $59.45. After the decision the pair managed to make new intraday high at 1.3141 adding over 40 pips.
Bears are in full control as the pair trading below all major daily moving averages. First support stands at 1.3048 the low from July 8th and then at 1.3036 the YTD low from July 4th. Immediate resistance for the pair stands at 1.3136 the daily high from European session, while a break above might trigger some aggressive buying, sending the pair to the next resistance at 1.3195 the high from June 26th. The pair needs to make a convincing rebound about 1.31 otherwise the sellers will make an attempt for new yearly lows.Don’t miss a beat! Follow us on Twitter.
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