The Bank of Canada raised rates and also let us know it’s not a one-off move. Dollar/CAD dropped from above 1.29 to 1.2820 but did not stop there. The Canadian dollar tends to move slowly, providing opportunities for traders to jump on the waggon. We are seeing another example of this today. At the time of writing, USD/CAD has reached a low of 1.2778, approaching the low point of 1.2760 seen back in August 2016. Another push, and we are at the lowest levels since June of last year. Update: the falls extend to 1.2760. This is already a new 13-month low. The background is the accompanying press conference by Governor Stephen Poloz. The statement contained a phrase about inflation being higher without temporary factors. Poloz puts a number on it: 1.8% without those factors. He went further to suggest that inflation will even overshoot in 2019. These are tunes that are not heard at the FED, ECB nor the BOJ. What the BOC does have in common with the US Federal Reserve is being “data dependent”. The next moves depend on evolving inflation. Here is how the move looks on the weekly chart. Further support below 1.2760 is at 1.2645. 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 Forex News Today: Daily Trading News share Read Next Where are the wage hikes? – MM #151 Yohay Elam 6 years The Bank of Canada raised rates and also let us know it's not a one-off move. Dollar/CAD dropped from above 1.29 to 1.2820 but did not stop there. The Canadian dollar tends to move slowly, providing opportunities for traders to jump on the waggon. We are seeing another example of this today. At the time of writing, USD/CAD has reached a low of 1.2778, approaching the low point of 1.2760 seen back in August 2016. Another push, and we are at the lowest levels since June of last year. Update: the falls extend to 1.2760. This is already a new… 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.
