USDCAD and the BoC
Aggiornato
Fundamentals:
The BoC is expected to cut rates at the end of 2023 or beginning of 2024. This is yet to be price into the markets. Oil demand will continue to topple. If the US economy goes into a recession, then this will affect Canada.
Technicals:
Buy stop above: 1.35240
Stop loss: 1.33895
Target: 1.3850
The BoC is expected to cut rates at the end of 2023 or beginning of 2024. This is yet to be price into the markets. Oil demand will continue to topple. If the US economy goes into a recession, then this will affect Canada.
Technicals:
- Bottom of a weekly pennant.
- Intraday extension, which suggests a continuation of the trend upward.
- Daily morning star and bullish engulfing pattern.
- Daily chart still above the 200 ema
- 8 hour pennant after a pullback from an extension, which suggests a breakout to the upside:
Buy stop above: 1.35240
Stop loss: 1.33895
Target: 1.3850
Nota
Monthly signs: Nota
"CIBC has reported that the Canadian labor market appears to be slowing more quickly than previously anticipated, as indicated by employment data from Canadian businesses.....Overall, the data suggests a softening in the Canadian labor market, which may not yet be reflected in the unemployment."
another reason to stay long UCAD
Nota
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