The BOC kept rates unchanged as BOC focuses on market functioning
The BOC kept rates unchanged (they have already done a bunch) and is focusing on the market functioning and the announced QE program. In a comment that perhaps should be said more, Gov. Poloz said “It’s impossible to judge when economy will recover”.
The price of USDCAD has been waffling over the last 4 hours between 1.40507 and 1.41229. The current bar saw the price move up to that new high price for the day, but backed off quickly. We currently trade at 1.4090.
Technically, the run to the upside today was able to crack above some key resistance targets including the:
- 100 hour moving average at 1.39438 currently
- 200 hour moving average and trend line at 1.4010 currently, and more recently at the
- Swing level at 1.40763.
It will take a move back below (and stay below) the swing level at 1.40763 to tilt the intraday bias back to the downside.