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USDCAD reacts heavily after BOC maintains overnight rate at 1.25%

Russell Shor, CFTe, MFTA FXCM

The BOC has maintained its overnight rate at 1.25%. It has been noted that “developments since April further reinforce the Governing Council’s view that higher interest rates will be warranted to keep inflation near target.” The USDCAD headed south after the announcement. As per above the daily chart, EMAs are still in bullish formation. The green 5-day EMA is above the orange 13-day EMA, and the orange 13-day EMA is above the black 34-day EMA. The RSI (9) is heading to below 50, which would create an ambiguity i.e. the trend-following indicators are bullish, but the oscillator will be bearish. It will be interesting to see how the indicators resolves themselves in the coming trading sessions.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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USDCAD reacts heavily after BOC maintains overnight rate at 1.25%

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