With the Bank of Canada cutting benchmark interest rates this week by 25bp. Where will inflation be going to?.
** forecast 2.20% Could we see a furthering weakening of the Canadian Dollar?.
If you are trading the news later on today @13.30 GBT+1 Both Currency pair have CPI out at the same time. So pick your bias wait for the news to come out if the news go’s your way great trade your bias. If it dose not go your way stay out of making a trade . there is always next time.
Sell order : Right now I see resistance @1.2974 if price fail to break then look to enter a short order on a smaller time frame with a 123 pattern. (I had to go to a weekly chart to find resistance levels)
Buy Order : I see support right now @ 1.2905 If price fail to break support to for a 123 pattern on a smaller time frame to enter a longer order.
Good Luck with Your Trading Today