USD/CAD Signal - USD Interest Rate Decision - 27 Jan 2021

Signal Details

Entry Price:

1.2703

Take Profit:

1.2660

Stop Loss:

1.2780

Direction:

Sell

How we trade

USDCAD is pushing to the downside today prior to the USD Interest rate decision. A rate hike tends to boost the local currency, as it is understood as a sign of a healthy inflation. A rate cut, on the other hand, is seen as a sign of economic and inflationary woes and, therefore, tends to weaken the local currency. Technically the pair is trending below the moving averages, and holding below the 1.2730 pivot. We anticipate further downside into the 1.2660 level.

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Submitted by Toni H. on Wed, 27 Jan 2021 01:48:59 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.

USD/CAD Signal - USD Interest Rate Decision - 27 Jan 2021

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