BOC held rates steady yesterday and didn't deliver a dovish statement as many in the market expected. Canadian dollar adjusted higher after the event while firming oil prices haven't been doing it any harm. Brent broke $50 overnight with WTI trading close to the big figure too.
Loonie is back below 1.30 - 1.3065 area, now targeting 50 DMA. That looks like a good spot for a pullback support but, if oil extends above $50, a deeper pullback in the pair seems more likely. The aforementioned area shall remain a near-term sell zone for now.
Loonie is back below 1.30 - 1.3065 area, now targeting 50 DMA. That looks like a good spot for a pullback support but, if oil extends above $50, a deeper pullback in the pair seems more likely. The aforementioned area shall remain a near-term sell zone for now.
