The Canadian dollar was on the back foot due to wobbling oil prices and some pressure from the Bank of Canada. What’s next? Here is their view, courtesy of eFXnews: The BoC has expressed concern regarding a strengthening C$ before, however those references in 2015/16 occurred when the loonie was at or stronger than 80 cents (USDCAD 1.25). Last week’s statement took aim at the strengthening of the C$ versus other currencies. Despite the loonie being little changed against the US$ since the previous MPR, it was up almost 6% against a basket of other currencies. That’s particularly important given that a re-working of the Bank’s Foreign Activity Index, designed to better track actual exports, raised the weights of other countries and downgraded the US. With the suggestion that a rate cut is still on the table as well, we expect the loonie to depreciate against a range of currencies and USDCAD to hit 1.39 in six months. For lots more FX trades from major banks, sign up to eFXplus By signing up to eFXplus via the link above, you are directly supporting Forex Crunch. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Daily Look share Read Next After May’s speech, UK Supreme Court to give its John Benjamin 6 years The Canadian dollar was on the back foot due to wobbling oil prices and some pressure from the Bank of Canada. What's next? Here is their view, courtesy of eFXnews: The BoC has expressed concern regarding a strengthening C$ before, however those references in 2015/16 occurred when the loonie was at or stronger than 80 cents (USDCAD 1.25). Last week's statement took aim at the strengthening of the C$ versus other currencies. Despite the loonie being little changed against the US$ since the previous MPR, it was up almost 6% against a basket of other currencies. That's particularly important given… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
