Yesterday was the loonie day. Everything favors CAD resulted in a big spikes against USD, EUR, AND, and GBP. At yesterday's session, we recommended buying crude oil with a target at 57.00, the same day it made a high at 56.60. The rise in oil prices are the one of the best factor for the spikes. The Bank of Canada kept its interest rates at 0.75% remains unchanged. The Bank expects global growth to strengthen and average 3 1/2 per cent per year over 2015-17, in line with the projection in the January Monetary Policy Report. Total CPI inflation is at 1 per cent, reflecting a drop in consumer energy prices. Core inflation remained close to 2 percent in recent months, as the temporary effects of sector-specific factors and pass-through of the lower Canadian dollar have offset the disinflationary forces from a slack in the economy.
The cross has been falling for 8 consecutive days, except one lid-positive day. Support is found at 1.3070 the 61.8 fib extension. The cross made a low at 1.3111 at yesterday's session, consolidating the lower level for 12 hours. The pair has parallel monthly support found at 1.0360. We recommend fresh selling below 1.3060 with targets at 1.2990, 1.2960, and 1.2850 the 80.00 fib level. The pair edged lower after it reached 1.3375. Until the price closes below 1.3385, use every rise to sell.
Trade: Selling below 1.3100 with targets 1.3070, 1.3000 and 1.2960.
The material has been provided by InstaForex Company - www.instaforex.com
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