Currently this pair is displaying a continuous consolidation structure, with high bullish pressure, the entire outlook is centered around an uprising triangle pattern which usually lure buyers to trade this setup. On the other hand, based on the sentiments of the week retailers are 95% base on shorts position.
In addition, the BOC have provided insight on a JUMBO rate-cut of 50 BPS ratio next week specifically on Wednesday. The implemented rate could supply more printed notes in the economy and decrease the price of the Canadian Dollars.
USDCAD have been in a Zombie phase for the past 2 years and unable to break 1.39500 point-level, could the incoming rate come with enough momentum to uplift all buyers expecting to go beyond the unbreakable level !!!
In addition, the BOC have provided insight on a JUMBO rate-cut of 50 BPS ratio next week specifically on Wednesday. The implemented rate could supply more printed notes in the economy and decrease the price of the Canadian Dollars.
USDCAD have been in a Zombie phase for the past 2 years and unable to break 1.39500 point-level, could the incoming rate come with enough momentum to uplift all buyers expecting to go beyond the unbreakable level !!!
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