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October 26, 2022

Big Bank of Canada Upset

Michael J. Donoghue
Big Bank of Canada Upset

There was a big Bank of Canada upset this morning: at 10 am Eastern Time, the Bank of Canada (BoC) issued their latest Monetary Policy Report and announced their new Overnight Rate, a key interest rate. While another 75 basis point rate hike had been forecast, the hike was instead a mere 50 basis points, a shocking move away from the BoC hawkishness displayed earlier this year. This is a bearish development for the Canadian Dollar and appears to mark a distinct tonal shift from the BoC as recession concerns mount for the recently aggressive central bank. Though CAD’s status as a commodity currency may permit rising oil prices to temper any subsequent selloffs, the case for CAD bearishness in terms of fundamentals is now more compelling in light of the BoC’s now-lukewarm tightening efforts.

Top Pairs to Buy

According to the EdgeFinder, A1 Trading’s market scanner, the following two pairs are designated as optimal to watch for those interested in shorting CAD. They are listed below with their respective ratings, signals/biases, and corresponding charts.

1) NZD/CAD (Receives a 5, or ‘Buy’ Signal)

Big Bank of Canada Upset
Big Bank of Canada Upset

2) USD/CAD (Receives a 3, or ‘Buy’ Signal)

Big Bank of Canada Upset
Big Bank of Canada Upset

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DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
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