Anybody planning on buying and selling the BOC and FOMC choices right now?
Right here’s a easy greenback bullish setup I’m watching on USD/CAD.
Earlier than shifting on, ICYMI, yesterday’s watchlist checked out a break-and-retest setup on EUR/AUD. Make sure to try if it’s nonetheless a sound commerce!
And now for the headlines that rocked the markets within the final trading sessions:
Contemporary Market Headlines & Financial Knowledge:
BOJ Abstract of Opinions: Seeing increased inflation however unlikely to go previous goal
New Zealand bank card spending rebounded by 1.2% after earlier 0.4% dip
Switzerland’s Credit score Suisse financial expectations index up from 0.Zero to 9.5
OPEC+ planning on sticking with modest output hike?
Asian shares pause from selloff forward of FOMC determination
BOC financial coverage determination at 3:00 pm GMT
U.S. EIA crude oil inventories at 3:30 pm GMT
BOC press convention at 4:00 pm GMT
FOMC financial coverage determination at 7:00 pm GMT
FOMC press convention at 7:30 pm GMT
New Zealand quarterly CPI at 9:45 pm GMT
Use our new Currency Heat Map to shortly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️
What to Watch: USD/CAD
It’s gonna be a busy New York session with a few central financial institution bulletins lined up!
The BOC is first up, and there are fairly robust expectations for a charge hike this time. Will they or received’t they?
In the event that they do ship, I’m anticipating the Loonie’s rally to be short-lived since this state of affairs has been priced in for some time. Then again, refraining from tightening for now would possibly encourage Loonie bears to come back out.
I’m USD/CAD right now since issues are certain to get much more thrilling throughout the FOMC decision.
No precise modifications are anticipated for now, however we’d really get some hints on the timing of their first interest rate enhance for the yr. Many anticipate the Fed to level to a March hike, and this could possibly be a really bullish case for the greenback.
If that’s the case, USD/CAD might bounce off the world of curiosity spanned by the 50% to 61.8% Fib retracement levels and make its approach again to the swing excessive.
Technical indicators help this transfer, because the 100 SMA is above the 200 SMA whereas Stochastic seems prepared to tug increased from the oversold area.
Higher account for extra volatility when setting stops for this setup!