USDCAD at decade-long resistance-turn-support. What are prospects of breaking this level in conjunction with second rate hike? Retracement before that?
This USDCAD chart (quarterly candles, mid-2002 to present) is probably 2-weeks too early for most retail forex traders but could be useful for individuals who are looking at a longer term view.
The next Bank of Canada interest rate announcement and press release will take place on Wednesday 06 September 2017.
Back to the chart, the current 2-year low is also a major resistance-turn-support level. Some kind of retracement until BOC interest rate day, followed by a battle to break or not to break that level depending on the prospects of further hikes.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
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