2020-09-09 16:48
Market analysisUSD/CAD Outlook (09 September 2020)
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Market analysis：
Overall, USD/CAD is trending downwards. Recently, USD/CAD broke the resistance zone of 1.31800.
The Bank of Canada (BoC) will be announcing their interest rate decision later at 2200 (SGT). It is expected that the central bank will be holding rates unchanged at 0.25% after Governor Tiff Macklem said in July that the BoC will be holding rates at the current level for at least two more years. It is unlikely that the central bank will carry out any new easing measures at the moment as economic indicators have provided optimism in the Canadian economy.
USD/CAD’s next support zone is at 1.31800 and the next resistance zone is at 1.33500.
Look for short-term buying opportunities of USD/CAD up until the interest rate decision at 2200 (SGT).
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USD/CAD Outlook (09 September 2020)
Singapore | 2020-09-09 16:48Overall, USD/CAD is trending downwards. Recently, USD/CAD broke the resistance zone of 1.31800.
The Bank of Canada (BoC) will be announcing their interest rate decision later at 2200 (SGT). It is expected that the central bank will be holding rates unchanged at 0.25% after Governor Tiff Macklem said in July that the BoC will be holding rates at the current level for at least two more years. It is unlikely that the central bank will carry out any new easing measures at the moment as economic indicators have provided optimism in the Canadian economy.
USD/CAD’s next support zone is at 1.31800 and the next resistance zone is at 1.33500.
Look for short-term buying opportunities of USD/CAD up until the interest rate decision at 2200 (SGT).
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