4 Mar 2015
USD/CAD: stay short into BoC’s decision – GrowthAces
FXStreet (Barcelona) - Expecting BoC to hold rates, the GrowthAces Research Team, suggests going short on the USD/CAD pair, targeting 1.2380 levels.
Key Quotes
“The Canadian central bank is due to announce its March rate decision today (15:00 GMT). We expect that the Bank of Canada will not change interest rates.”
“The USD/CAD is near the entry level of our short position now (1.2530). Breaking above this level before the BoC decision will be a good opportunity to get short again. We have raised the target of out short position to 1.2380 due to the broad USD strength. We moved the stop-loss to 1.2590.”
“Resistance: 1.2565 (high Mar 2), 1.2600 (psychological level), 1.2662 (high Feb 24)”
“Support: 1.2433 (low Mar 3), 1.2388 (low Feb 26), 1.2360 (low Feb 17)”
“USD/CAD trading strategy: short at 1.2530, target 1.2380, stop-loss 1.2590”
Key Quotes
“The Canadian central bank is due to announce its March rate decision today (15:00 GMT). We expect that the Bank of Canada will not change interest rates.”
“The USD/CAD is near the entry level of our short position now (1.2530). Breaking above this level before the BoC decision will be a good opportunity to get short again. We have raised the target of out short position to 1.2380 due to the broad USD strength. We moved the stop-loss to 1.2590.”
“Resistance: 1.2565 (high Mar 2), 1.2600 (psychological level), 1.2662 (high Feb 24)”
“Support: 1.2433 (low Mar 3), 1.2388 (low Feb 26), 1.2360 (low Feb 17)”
“USD/CAD trading strategy: short at 1.2530, target 1.2380, stop-loss 1.2590”