BoC Rate Decision Confirms Short EURCAD
Fundamentals:
Bank of Canada's rate decision and direction confirms our suspicions to take a short position in EURCAD. The Bank of Canada making inflation expectations a paramount concern to help real yields. This will, unltimately, benefit the CAD. Rising oil prices should also help the CAD appreciate.
Technicals:
Downtrend
uHd
Reverse Divergence
Negative RSI
Pullback to the 23% fib at resistance
Stop loss above the 200 SMA
Target @ 1.38 to 1.35
Bank of Canada's rate decision and direction confirms our suspicions to take a short position in EURCAD. The Bank of Canada making inflation expectations a paramount concern to help real yields. This will, unltimately, benefit the CAD. Rising oil prices should also help the CAD appreciate.
Technicals:
Downtrend
uHd
Reverse Divergence
Negative RSI
Pullback to the 23% fib at resistance
Stop loss above the 200 SMA
Target @ 1.38 to 1.35
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