Canadian Dollar Strengthens !

Canadian Dollar Strengthens !

Canadian Dollar Strengthens !

The Bank of Canada, which kept the policy rate unchanged at 0.25% in its July meeting, surprised the markets by reducing its weekly bond buying program to 2 billion Canadian dollars. While this move raises questions about the possibility of the Fed making such a move, the Canadian Dollar increased its depreciation against the US Dollar after the decision. In addition, while the measures of the Kovid-19 epidemic in Canada were partially relaxed with the vaccination studies, we see that the strengthening movement in the Canadian Dollar has gained momentum with the effect of the weakening dollar in the last period. It is possible to talk about a certain trend change in products with Canadian Dollar legs, originating from the Canadian Dollar, which is positively differentiated among the currencies of developed countries.

 

USDCAD

From a technical point of view, if the 1.2430 support is broken below, a decrease may be experienced to 1.2260 and then to 1.2080. If above 1.2620 level is broken, 1.28 and then 1.2960 resistance can be tested.

EURCAD

 

From a technical point of view, if the 1.4770 support level is broken below, a decrease may be experienced to 1.4675 and then to 1.4585. If above 1.4860 level is broken, 1.4943 and then 1.5030 resistance can be tested first.

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