Trade ideas on May 29
Let’s look at main movements on the market.
Will the CAD rise?
Bank of Canada announces its interest rate and gives a press conference on Wednesday at 17:00 MT time.
Instruments to trade: USD/CAD, EUR/CAD, AUD/CAD, CAD/JPY
During March, the Bank of Canada gradually reduced the interest rate from 1.75%, where it’s been since the end of 2018, to the current level of 0.25%. Monetary policymakers expressed their commitment to respond to the economic environment as required. That means, although emergency moves have been already taken, there may be more. Also, as the oil industry is the base factor for the country’s prosperity, the status of the oil price war will be taken into account by the Canadian financial authorities. If the outlook will be even moderately positive, it will boost the CAD.
- If the Bank of Canada is hawkish, CAD will rise.
- If the Bank of Canada is dovish, CAD will fall.
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All attention to AUD: cash rate and RBA statement
The Reserve Bank of Australia will make a statement and release the cash rate on Tuesday, June 2, at 8:30 MT time.
USD: support from the labor data
The US job market shows first signs of improvement. Will that help the USD?
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Trade ideas on May 29
Let’s look at main movements on the market.
EUR: beating the USD so far
Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
All attention to AUD: cash rate and RBA statement
The Reserve Bank of Australia will make a statement and release the cash rate on Tuesday, June 2, at 8:30 MT time.
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