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USD/CAD Signal - CAD BoC Interest Rate Decision - 9 Sep 2020

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Signal Details
Entry Price: 
1.3250
Take Profit: 
1.3300
Stop Loss: 
1.3200
Direction: 
Buy
How we trade
Average: 5 (1 vote)

USD/CAD is trading to the upside prior to B.o.C Interest Rate Decision. If the Bank of Canada is positive on Canada's economy it may raise interest rates, generally being bullish for the CAD. Likewise if they are negative on Canada's economy they may cut rates which is typically negative for the CAD. CAD weakness is currently prevailing, as plunging oil prices weigh it down, and USD strength is being felt across the board. Technically the pair is trading well above the 21, 50, 100 and 200 moving averages, indicating a strong bullish trend.

Submitted by Toni H. on Wed, 09 Sep 2020 06:22:04 GMT

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Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. All risks and coasts associated with online trading are your responsibility.

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