Jump in to know the key market events and trading ideas for this week!
USD/CAD has risen by more than 60 pips
The Canadian dollar weakened significantly after the monetary policy decision by the Bank of Canada. Bulls broke the resistance at 1.3144 on H4 and pushed the price above it towards the 100-period SMA and the 1.3174 level. From the downside, the key levels in bears’ focus will be at 1.3077, 1.3067 and 1.3054.
The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!