USD/CAD stays rangebound after BoC fee resolution

Canadian Greenback Outlook:

  • USD/CAD fell to crucial help as sentiment remained combined
  • BoC (Financial institution of Canada) holds charges regular at 0.25, FOMC now on the forefront of danger sentiment
  • USD/CAD stays in a confluent zone

The Canadian Dollar (USD/CAD) at the moment stays regular in opposition to main forex pairs after the financial institution of Canada fee resolution got here in step with expectations, holding charges regular at 0.25%

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With commodity prices on the rise, the Canadian greenback has managed to regain confidence in opposition to the dollar, discovering help on the 1.23 mark.

Nonetheless, in anticipation of the FOMC meeting minutes anticipated to happen subsequent week, USD/CAD could proceed to commerce inside a well-defined vary, not less than for now.

Canadian Dollar Price Forecast: USD/CAD remains rangebound after BoC rate decision

DailyFX Economic Calendar

USD/CAD Technical Evaluation

After a robust downtrend from the September excessive, USD/CAD costs have just lately rebounded off of the October low at 1.200, permitting bulls to drive costs greater, in the direction of the higher sure of the descending trendline, at the moment holding as resistance for the approaching transfer.

With costs at the moment testing the important thing psychological stage of 1.240, the MACD (moving average convergence/divergence) stays under the zero line on the each day time frame, a potential indication that bearish continuation could also be possible if USD bulls can regain management of the systemic, outstanding development.

USD/CAD Each day Chart

Canadian Dollar Price Forecast: USD/CAD remains rangebound after BoC rate decision

Chart ready by Tammy Da Costa utilizing TradingView

— Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and observe Tammy on Twitter: @Tams707

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