USD/CAD still in uptrend despite BOC governor hawkish speech

Nenad Kerkez Top-XE

The loonie, so popular USD/CAD currency pair dropped like a heavy stone yesterday after mr.Poloz, the governor of BOC delivered a speech where he mentioned that BOC wouldn't cut rates for app 18 months. An hour after that he issued a new statement saying that 18 months is just a time frame over which the output gap is expected to close, not the BOC Monetary policy.

Then the reversal came.

From the technical perspective we have 2 POC zones 1.3310-20 (H3,DPP,bullish order block) is the first possible bouncing spot. In case of deeper retracement watch out for 1.3260-80 (L3, bullish order block, inner trend line support, EMA89). Both rejection should target 1.3350. Only a 4h close or strong 1h momentum above 1.3350 would target 1.3415.

USD/CAD Current Trading Positions

Sell 80%

Buy 20%

Avg Sell Price 1.3267

Avg Buy Price 1.3123

Liquidity Distribution

Author

Nenad Kerkez

Top-XE

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