BoC Rate Decision Confirms Short EURCAD
Fundamentals:
Bank of Canada's rate decision and direction confirms our suspicions to take a short position in EURCAD. The Bank of Canada making inflation expectations a paramount concern to help real yields. This will, unltimately, benefit the CAD. Rising oil prices should also help the CAD appreciate.
Technicals:
Downtrend
uHd
Reverse Divergence
Negative RSI
Pullback to the 23% fib at resistance
Stop loss above the 200 SMA
Target @ 1.38 to 1.35
Bank of Canada's rate decision and direction confirms our suspicions to take a short position in EURCAD. The Bank of Canada making inflation expectations a paramount concern to help real yields. This will, unltimately, benefit the CAD. Rising oil prices should also help the CAD appreciate.
Technicals:
Downtrend
uHd
Reverse Divergence
Negative RSI
Pullback to the 23% fib at resistance
Stop loss above the 200 SMA
Target @ 1.38 to 1.35
Trade active
Note
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.