Bank of Canada Surprises Markets

Bank of Canada Surprises Markets

Happy Thursday, dear traders! Let's check what news is moving the markets today!

  • The Central Bank of Canada raised the rate by 0.25%, hitting 4.75%. The increase was caused by "higher-than-expected inflation in April ."The Canadian dollar is dominating the markets. 
  • The World Bank predicts that global economic growth in 2023 will slow to its lowest level since the financial crisis in 2008 - to 2.1%.
  • The Turkish lira has fallen to a new all-time low since last month's elections. USDTRY is above 23. 
  • Traders have boosted wagers on Federal Reserve to increase the rate on June's meeting after the BOC move. 
  • Coinbase says it has no plans to delist cryptocurrencies that the SEC considers securities and does not plan to phase out staking services. Yesterday, the shares stopped falling and gained 1%.

CADJPY outlook


After yesterday's BOC meeting, CADJPY broke above the recent high of 104.60, the major support level. Currently, the price is consolidating inside the horizontal range with the upper border at 104.90. We believe the trend will continue since the price is in a strong uptrend and has renewed its local high. Thus, when the price breaks above 104.90, traders can buy the pair with the target at 105.80.  

Have a great trading session!



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