CAD BOC Rate Statement Weekly Fundamental & Technical Forcast

9/08/2020 07:28:00 AM

BOC’s policy statement (Sept 9, 2:00 pm GMT)

  • Optimism about the reopening of the Canadian economy and a common risk-friendly market theme pushed CAD higher across the board
  • The Bank of Canada (BOC) kept its rates steady in July and was generally dovish in its statements
  • Analysts aren’t expecting any policy changes from BOC this week
  • Trader will look for Inflation clue again
  • BOC Governor Tiff Macklem will hold a presser after the statement’s release
  • Lockdown, stimulus and vaccine update will continue to affect the demand for crude oil and influence CAD’s intraweek trends

Technical Overview

  • Profit-taking can happen from last week’s strong moves
  • CADCHF stochastic looking overbought zone
  • CAD may soon be oversold against NZD
  • CADJPY long time bullish trend looking
  • CAD was most volatile against the yen and the European currencies in the last seven days
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