Tuesday, October 20, 2009

Bank of Canada holds Rate steady

today the bank of Canada Held the rate at 0.25% and the currency markets acted as they should, the CDN lost over 2% at one point during the day. it seems as if traders were at first expecting a rate hike similar to the Aussies

we can see on the 10min bar chart after the 9:00 am announcement the USD/CDN ran nearly 225 pip's..... bigest one day loss for the CDN in over 4 months

on the daily bar chart the CDN$ might be oversold and due for a minor correction, this could last up up around the 1.08 to 1.09 area

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