- March 8, 2018
- Posted by: Joey Benedid
- Category: Market News
Another volatile day after a cautious BoC, citing trade concerns, left rates unchanged which popped us to the brink of 1.3000 for the second time in as many days. Within a few hours we dropped to 1.2870 on comments out of Washington suggesting that Canada and Mexico might escape new tariffs on steel and aluminum. As we sit just above 1.2900 to start the North American session technical indicators and recent price action suggest we should see the USD/CAD head towards first Fibonacci support at 1.2824 (see attached chart). BoC Governor Poloz is due to speak at the unveil of the new $10 bank note, in Halifax at 11 AM EST with audience questions expected so look for possible volatility surrounding this today. BoC Governing Council member Lane will also speak today about the March interest rate decision at the Vancouver Board of Trade at 3:35 PM EST.
