FxGrow Daily Technical Analysis – 12th July, 2017
By FxGrow Research & Analysis Team
USD/CAD Trading On An Expired BOC's Decision, Eyes on Poloz
USD/CAD was on a heavy selloff wave ever since Gov. Poloz (June 28) hinted for a possible tapering with an increase by BOC interest rates by 0.25% to current 0.50%. Overall, the pair has lost 340 pips price action on Friday with 1.2859 low and daily RSI around 25 level, which indicates an oversold market with potential for correction phase in case USD/CAD wants to continue pressing downward.
The pair started the correction phase since Monday with 1.2943 high yesterday, but current daily RSI is at 32 level which still indicates an oversold market.
Today, expectations that BOC will deliver the rate ...
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