Gtag:

Canadian dollar Moves in Stiff Boundaries Ahead of BOC’s Interest Rate Decision, 40+ PIP Volatility Likely; April 21, 2021

Bank of Canada’s Interest Rate Decision

Today BOC will release Interest Rate Decision at 1400 GMT/1930 IST. It’s the primary tool the BOC uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions. Since March 2020, BoC has kept the interest at record low at 0.25 pct. Today markets expect no changes will be made in Interest Rate by Central bank but any hint regarding economic recovery and growth expectations will only provide further directions to the CAD.

On one hand, Canada has released all the key economic indicators with the satisfactory numbers like Job market is strong, efficient consumer spending, housing data are too improving and production activities are too expanding at its fastest pace but on the other side, Covid situation is getting worse in Canada day by day. The most populous regions in Canada are under lockdown with new restrictions imposed by this week only. In Ontario, Govt bans on indoor dining and fitness activities till May end. In Toronto, residents are required to remain at home at all times except for essential purposes. In other parts of the country, Night Curfew from 8 pm to 5 am is levied.

Canada is facing the 3rd wave of Virus fear just because of slow vaccination procedure. People in Canada have started taking vaccines but is will take some time for the economy to come back on track.

Let’s see how CAD has reacted during the previous data release:

March 10:

Jan 20:

Technical View:

USD/CAD: The Canadian dollar exhibits range bound movement ahead of Inflation results and Interest Rate Decision. The pair made intraday high at 1.2616 and low at 1.2583 mark. A day chart is bearish and H1 Chart with triple EMA confirms up trend for the time being. A sustained close above 1.2618 on H1 chart requires for the upside rally. Alternatively, a consistent close below 1.2580 will check key supports too.

Key Resistances: 1.2618, 1.2640, 1.2670, 1.2692, $1.2715

Key Supports: 1.2580, 1.2565, 1.2540, 1.2518, 1.2490

Take a look and do trade wisely!
Good Luck

Tags
Share on facebook
Share on linkedin
Share on twitter
Share on telegram
Share on whatsapp
Unleash Powerful Trading Conditions with TP Global.

Recent Posts

Categories

Offices

305 Griffith Corporate Park, Beachmont Kingston, Saint Vincent & the Grenadines

Mail us

Drop mail at:
support@tpglobalfx.com

Contact us

Call or Whatsapp
+44 7441 416320

Risk Warning: Forex and Contracts for Difference (CFDs) are leveraged products. Trading in these products is highly speculative and involves substantial risk. Please note that even knowledgeable and well-experienced investors can experience large potential losses because of trading in Forex and CFDs. Consequently, investors should be fully aware of all the risks involved when trading Forex and CFDs and accept all the negative consequences associated with such trading. Please always remember that trading in Forex and CFDs might not be suitable for all investors. It is desirable investors who would consider trading, to do so only with money that they can afford to lose. You are also recommended to seek independent financial advice if necessary. The content on this website does not constitute financial or investment advice. Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. Apple, the Apple logo, iPod, iPad, iPod touch, and iTunes are trademarks of Apple Inc, registered in the US and other countries. iPhone is a trademark of Apple Inc. App Store is a service mark of Apple Inc.

TP Global FX Limited is registered and regulated by Vanuatu Finance Service Commission (VFSC) with a registration number 40409.

TP Global Services Limited registered by St. Vincent and the Grenadines with Number 25274 BC 2019. Registered office: Suite 305, Griffith Corporate Centre, Beachmont, P.O.Box 1510, Kingstown Saint Vincent and the Grenadines

TP Global Fx Africa Limited is incorporated in Federal Republic of Nigeria under the Companies and Allied matters Act 1990 with registration number RC 1674202. The objects of the company are all subject matters not forbidden by Companies and Allied Matters Act 1990. To provide Electronic Platform through which clients can choose currencies, commodities, indexes, CFDs and other leveraged financial instruments to trade.

TP Global Services Limited is registered with NFA (National Futures Association) USA with Registration Number 0533098.

mappin at-sign phone close