BOC monetary policy meeting has wide implications for the loonie
There's really only one person we can turn to for an in depth assessment of the BOC decision later.
Unfortunately Eamonn isn't answering the phone as he's glued to the tv and his favourite Prisoner Cell Block H show, so we'll have to settle for Adam ;-)
Winter's hitting hard in the land that time forgot as he's got his hat and scarf on indoors.
The loonie is an untameable beast at the moment and the BOC decision is going to bring even more volatility.
Right now this is probably a currency that inexperienced traders want to give a wide berth to.
For me there's only one scenario that I'd maybe look to trade, and that's any decision or comments that send USDCAD lower, against the trend.
1.4420 -1.4400 is one area of support I've been eyeing recently. Given where the price is now, that may be a decent stretch point to dangle a long, with a stop under the next support at 1.4335
USDCAD H4 chart
The key is whether anything they say or do goes against or outweighs the fundamental drivers behind the pair at the moment. If they do then that could mean a change in trend. If they don't then any counter reaction to the upward trend would be a good fade. In this case, BTFD
There's lots that can happen and will need to be deciphered so Adam's video is a very useful guide
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