28/10/2021
USDCAD Analysis
USDCAD is Rebounding after hitting the horizontal support area and the price is trying to get back again into the minor ascending channel forming a long wick candle.
Canadian dollar got stronger immediately due to the Bank of Canada Interest rate and Monetary Policy report. Fundamental Economic News drives the Canadian dollar stronger in a short time.
The Bank of Canada interest rate remains unchanged at 0.25%. The oil price recovery is only making the Canadian dollar get so stronger now without much retracements or corrections. we can expect a healthy correction soon on CAD currency pairs.
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