the daily chartist

USD/CAD BoC, OPEC aftermath

published 4 years ago
USD/CAD Daily

 BoC decision and OPEC comments slapped the canadian$ up and down in a whipsaw. The outlook for the rates is the same as before - flat, exports is gaining momentum, but they've cut the Q4 growth perspectives. The big fall was after OPEC comments, as the canadian gained ground against the us$ when the headlines came out that OPEC members support production cut, and after the new headlines came out that the Saudis are not supporting the cut, the canadian fall. So the pair moved all around. Pair is getting volatile and it will be heavily affected by oil's movements. Currently on the daily chart - 1.33951 is the top side resistance, price finds support on the bottom at 1.32921. A range could be forming as the price is in a tight trend anyways, so steam could be fading out for the pair to make new highs (for now) and a movement bellow 1.32921 may occur. Look out for any signals and trade safe.