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Loonie has made a low of 1.2935 and recovered from that level. It has broken minor trend line resistance 1.2985 and is currently trading at 1.2994.
- Market awaits BOC monetary policy which will be announced on Oct 21st at 10:00 EDT for further direction. BOC are expected to keep the interest rates on hold at 0.50%.Improving Canadian economy will make the BOC to keep rates on hold till next year. But BOC has already surprised the markets twice by cutting the interest rates. Any surprise move by BOC will CAD lower sharply.
- Technically the pair is facing strong resistance around 1.3000 and nay break above will take the pair to next target around 1.3050/1.3080.
- Overall bearish invalidation can happen above 1.3080 and above 1.3080 will target 1.3140/1.3180.
- On the downside minor support is around 1.2960 and break below targets 1.2920/1.2900.
It is good to buy at dips around 1.2990-95 with SL around 1.2960 for the TP of 1.3078/1.3140.
