Loonie: Where does the bull stop?. Canada CPI in the focus
Well, BOC cut rate, and lower GDP forecast.
Loonit hit hard after the surprising decision;I think this trend should continue.
Actually, last week, When I saw traders pricing for the rate cut decision, I guessed BOC will cut rate..
And the rate decision yesterday could make any jump into the LONG position become a late decision.
However, I think we still have room to drive Loonie higher.
Tomorrow,The main focus is US CPI + Canada CPI.
If US CPI is positive + Canada CPI is negative, the divergence will push USDCAD rally at least 100 pips.
On the other hand, profit taken could happen, and 1.2957 will be the year high.
If both data are negative. I have no idea in this case.
In short , I stick to the rally of USDCAD.
The target I choose: 1.3100
Loonit hit hard after the surprising decision;I think this trend should continue.
Actually, last week, When I saw traders pricing for the rate cut decision, I guessed BOC will cut rate..
And the rate decision yesterday could make any jump into the LONG position become a late decision.
However, I think we still have room to drive Loonie higher.
Tomorrow,The main focus is US CPI + Canada CPI.
If US CPI is positive + Canada CPI is negative, the divergence will push USDCAD rally at least 100 pips.
On the other hand, profit taken could happen, and 1.2957 will be the year high.
If both data are negative. I have no idea in this case.
In short , I stick to the rally of USDCAD.
The target I choose: 1.3100
