USD/CAD slumps after hawkish BOC event, but a recovery is likely
Yesterday, BOC was more hawkish in their statement than expected.
Quite naturally, the Canadian Dollar appreciated against almost all the major currencies.
USD/CAD also took a hit and dropped more than 180 pips after the event.
However, you can see the price has been consolidating in a support level.
Chances are, this support level will hold and price will make a decent recovery.
So, a buy trade between 1.2470-1.2501 with SL below the support and TP at 1.2650
is quite possible.
Quite naturally, the Canadian Dollar appreciated against almost all the major currencies.
USD/CAD also took a hit and dropped more than 180 pips after the event.
However, you can see the price has been consolidating in a support level.
Chances are, this support level will hold and price will make a decent recovery.
So, a buy trade between 1.2470-1.2501 with SL below the support and TP at 1.2650
is quite possible.
Trade active
Bought@1.2482
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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.