
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
Canadian central bank left the Overnight Rate unchanged at 1.5%.
In its statement, the Bank of Canada claimed that:
So, there nothing to contradict a rate hike in October, but at the same time, there’s no blunt statement that the increase will happen.
Technical setups.
USD/CAD keeps trying to stick above the resistance at 1.3180. The statement of the BOC couldn’t support the Canadian dollar to pull the pair down. If the pair is able to close above 1.3180, there will be odds of the further rise. The next resistance is at 1.3219. However, if there is a progress in the NAFTA deal, the CAD will be able to fight with the USD. The support lies at 1.31.
On the daily chart of CAD/JPY, 50-day and 100-day MAs don’t let the pair go up. Moreover, the JPY is stronger against the CAD because of the risk-off sentiment of the market. Traders worry about the NAFTA uncertainties. As a result, there are risks of the pair’s fall. Supports are at 84.35 and 83.58. If there is a progress in the deal today, the pair will stick above 84.35. The resistance is at 84.85.
GBP/CAD has significantly risen on the optimistic Brexit news. The pair has already tested above the 50-day MA and the resistance at 1.7058. If the pair closes above the resistance, the further rise is anticipated. The next resistance is at 1.7217. In case of the progress in the NAFTA talks, the pair may weaken. The support is at 1.6890.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
Canada will release the employment change and the unemployment rate on October 9, at 15:30 MT time.
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
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