USDCAD trapped in a tight range
Here we can see on the weekly chart how the cross is caught between 1.35 - 1.30 and approaching the apex of the sequence. To the downside a break below 1.302x is needed to do damage to the current uptrend and will unlock support at 1.278x. Whilst to the topside, a break above the top in the triangle would be bold for bulls and expose 1.366x and the all time highs beyond.
BoC are on deck with markets expecting no changes in rates. Remember the BoC are starting from a position of strength compared to its peers, inflation has been around the 2% target for 18 months, and GDP picked up in Q219. Markets are currently pricing a 25bp cut by year end and +/- 65% for another by April 2020 which will need reflecting in CAD markets. Expecting a helping hand from Polloz here.
From a seasonality perspective USDCAD there is a clear seasonal bias towards the end of the year from September and here aligning for a major break to the top with Oil crashing to the lows (remember we have a pending Oil chart coming later with NY).
Best of luck those trading USDCAD for the Autumn/Winter.
BoC are on deck with markets expecting no changes in rates. Remember the BoC are starting from a position of strength compared to its peers, inflation has been around the 2% target for 18 months, and GDP picked up in Q219. Markets are currently pricing a 25bp cut by year end and +/- 65% for another by April 2020 which will need reflecting in CAD markets. Expecting a helping hand from Polloz here.
From a seasonality perspective USDCAD there is a clear seasonal bias towards the end of the year from September and here aligning for a major break to the top with Oil crashing to the lows (remember we have a pending Oil chart coming later with NY).
Best of luck those trading USDCAD for the Autumn/Winter.
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