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The Bank of Canada cut rates by 25 basis points as expected, and the USDCAD initially moved higher in response, reflecting a weaker CAD. The move carried the pair above its 100-day moving average at 1.37623, with the rally stalling at a session high of 1.3769 before momentum faded.
Since then, the pair has rotated lower and is now trading back below the 100-day moving average at 1.3758. On the downside, price has re-entered a swing area between 1.37437 and 1.3759. A break beneath that zone would shift focus toward the earlier session low at 1.3738, which also lines up with the neckline of a head-and-shoulders pattern. Below that, traders will be eyeing the August 7 low at 1.3721 as the next key target.
For sellers, keeping the price below the 100-day moving average would leave control in their hands. On the other side, if the pair can regain and hold above the moving average with momentum, a rotation back toward the converged 100- and 200-hour moving averages at 1.3802 would be the upside focus.
The video above walks through these critical support and resistance levels, mapping out the technical landscape following today’s rate decision.
This article was written by Greg Michalowski at investinglive.com.
The Bank of Canada (BoC) cut its policy rate to 2.50%, in line with market expectations. The statement noted that “underlying inflation is running around 2.5%” and that the removal of retaliatory tariffs on imports from the U.S. “will mean less upward pressure on the prices of these goods going forward”. One notable inclusion was […]
The post Bank of Canada Cuts Rates as Labour Market Softens appeared first on Action Forex.
The Bank of Canada (BoC) cut its policy rate to 2.50%, in line with market expectations. The statement noted that “underlying inflation is running around 2.5%” and that the removal of retaliatory tariffs on imports from the U.S. “will mean less upward pressure on the prices of these goods going forward”. One notable inclusion was […]
The post Bank of Canada Cuts Rates as Labour Market Softens appeared first on Action Forex.
Daily Pivots: (S1) 1.3721; (P) 1.3752; (R1) 1.3770; More… Outlook in USD/CAD is unchanged and intraday bias stays neutral. On the downside, firm break of 1.3725 support will complete a head and shoulder top (ls: 1.3878, h: 1.3923, rs: 1.3889). That would indicate that corrective rebound from 1.3538 has already completed, and turn near term […]
The post USD/CAD Mid-Day Outlook appeared first on Action Forex.
Daily Pivots: (S1) 1.3721; (P) 1.3752; (R1) 1.3770; More… Outlook in USD/CAD is unchanged and intraday bias stays neutral. On the downside, firm break of 1.3725 support will complete a head and shoulder top (ls: 1.3878, h: 1.3923, rs: 1.3889). That would indicate that corrective rebound from 1.3538 has already completed, and turn near term […]
The post USD/CAD Mid-Day Outlook appeared first on Action Forex.
The forex markets were steady in early U.S. trading, with the BoC’s widely expected 25bps rate cut to 2.50% generating little reaction. The decision was fully priced in, and the absence of fresh guidance left traders reluctant to adjust positions. The BoC struck a cautious balance in its statement, offering no explicit signal of further […]
The post Loonie Steady as BoC Cuts as Expected, Fed Now in Spotlight appeared first on Action Forex.
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