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Trade Of The Week: EURCAD knocks on major resistance
The minor currency pair has been trapped within a wide range since December 2023, with support at 1.4480 and resistance at 1.4475. chart However, a bullish presence can be felt on the daily charts with prices approaching key resistance. chart The EURCAD could be on the cusp of a major breakout. Here are 3 reasons why: BoC rate decision The Bank of Canada is expected to leave interest rates unchanged at 5% on Wednesday. Given how economic growth surprised to the upside in Q4 and inflation fell to its lowest since June 2023 at 2.9%, the BoC may not be in a rush to cut interest rates. Nevertheless, much attention ... (full story)