The CAD Remains Volatile Ahead of BoC’s Interest Rate Decision, 50+ PIP Volatility Likely; March 10, 2021

Bank of Canada’s Interest Rate Decision

Today BoC will release interest rate decision at 1500 GMT/2030 IST followed by Press conference. 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.

Markets expect interest rates will remain unchanged as Canada’s economy shows some recovery from the fundamental results of manufacturing activity, GDP data and trade balance data. The only concern in Canada economy is slower than expected covid vaccine rollout procedure. Any hint on vaccination and additional relief package by the Canada’s government will give further directions to the Canadian Dollar.

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

Jan 20:

Dec 09:

Technical View:

USD/CAD: The Canadian dollar remains volatile ahead of BOC’s Interest Rate Decision. A day chart with triple EMA confirms the bearish trend but H1 suggests up trend for the time being. A sustained close above 1.2681 on H1 chart requires for the upside rally. Alternatively, a consistent close below 1.2647 on H1 will drag the parity down below 1.2600 mark.

Key Resistances: 1.2681, 1.2693, 1.2740, 1.2776, 1.2808

Key Supports: 1.2632, 1.2610, 1.2583, 1.2555, 1.2510

Take a look and do trade wisely!
Good Luck

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

Recent Posts



Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.

Mail us

Drop mail at:

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 Limited is registered and regulated by FINANCIAL SERVICES COMMISSION (FSC) MAURITIUS with a registration number GB21026474

TP Global FX Limited is registered and regulated by Financial Services Commission, Mauritius with a registration number GB21026474

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.

mappin at-sign phone close