Canadian Dollar Short-term Outlook: USD/CAD at Resistance- BoC on Tap

Canadian Dollar Short-term Outlook: USD/CAD at Resistance- BoC on Tap

From forex.com

The US Dollar surged more than 3.2% off the September lows in USD/CAD with price testing confluent technical resistance ahead of tomorrow’s Bank of Canada interest rate decision. Battle lines are drawn on the USD/CAD short-term technical charts. chart Technical Outlook: In my last Canadian Dollar Short-term Outlook we noted that, “USD/CAD turned from multi-month lows last month and the immediate focus remains on this near-term recovery. From at trading standpoint, losses should be limited to 1.3472 IF price is heading higher on this stretch – look for a larger reaction on test of the median-line for ... (full story)

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Comment #1
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Oct 22, 2024 2:13pm Oct 22, 2024 2:13pm

frioslegend
| Joined Jun 2023 | Status: Member | 114 Comments | Online Now

With the predicted 50bps cut, market should expect another bull run

Comment #2
Quote
Oct 22, 2024 4:26pm Oct 22, 2024 4:26pm

KareemAliFx
Joined Oct 2019 | Status: Member | 303 Comments

Loving the longs

Master your mind. Master Trading.

Comment #3
Quote
Oct 22, 2024 7:15pm Oct 22, 2024 7:15pm

axecap
Joined Aug 2017 | Status: Member | 169 Comments

Quoting frioslegend

Disliked

With the predicted 50bps cut, market should expect another bull run

Ignored

The point is its been predicted, so already priced in. If it happens but the statement shows a more optimistic outlook then it could reverse. The market has priced in the 50bps and dovish outlook, it could be easy to pull back. Its going to be more about the statement than the number

its all just one persons opinion....

Comment #4
Quote
Oct 23, 2024 5:05pm Oct 23, 2024 5:05pm

axecap
Joined Aug 2017 | Status: Member | 169 Comments

Quoting axecap

Disliked

{quote} The point is its been predicted, so already priced in. If it happens but the statement shows a more optimistic outlook then it could reverse. The market has priced in the 50bps and dovish outlook, it could be easy to pull back. Its going to be more about the statement than the number

Ignored

its all just one persons opinion....

Comment #5
Quote
Oct 23, 2024 5:36pm Oct 23, 2024 5:36pm

KareemAliFx
Joined Oct 2019 | Status: Member | 303 Comments

Quoting axecap

Disliked

{quote}

Ignored

?????

USDCAD soared today not sure what chart your looking at

Master your mind. Master Trading.

Comment #6
Quote
Oct 23, 2024 6:43pm Oct 23, 2024 6:43pm

axecap
Joined Aug 2017 | Status: Member | 169 Comments

Quoting KareemAliFx

Disliked

{quote} ????? USDCAD soared today not sure what chart your looking at

Ignored

1.38532 at time of anoucement (10 minutes after......`1.38383 right now....so
not so much soaring... the cut was priced in.

its all just one persons opinion....

Comment #7
Quote
Oct 23, 2024 6:52pm Oct 23, 2024 6:52pm

KareemAliFx
Joined Oct 2019 | Status: Member | 303 Comments

Quoting axecap

Disliked

{quote} 1.38532 at time of anoucement (10 minutes after......`1.38383 right now....so not so much soaring... the cut was priced in.

Ignored

Oh I’m looking at this as a swing trade I have buys 1.37890 area haha cheers

Master your mind. Master Trading.

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Story Stats

Posted: Oct 22, 2024 1:37pm
Submitted by:
Newsstand

Category: Technical Analysis

Comments: 7 / Views: 5,623

Canadian Dollar Short-term Outlook: USD/CAD at Resistance- BoC on Tap

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