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By alagbe003 (M)July 11, 2018, 09:44:09 AM
The Greenback surged higher against the commodity supported Loonie as sentiment with respect to tariff imposition on imports to the US weighed on the Loonie. Oil, Canada major export product fell sharply in the early session as concern that the shortage in output from Iran would not be as severe as anticipated. US Dollar was also aided by the release of fairly impressive Job data as well as NFIB Small Business Index by National Federation of Independent Business (NFIB). The pair closed bullish as it fails to break through a support level on 1.30987.

Today, the instrument opened above the pivot and is surging Northward on the 1H and 4H timeframes ahead of the release of Core PPI and PPI from the US by 1:30 pm as well as BOC Monetary Policy Report, BOC Rate Statement and Overnight Rate from Canada by 3 pm. The Bank of Canada is widely expected to rate hike by 25 basis point at the policy meeting today and the decision is envisaged to strengthen the Loonie after the release of the statement. Traders are advised to take advantage of the bullish (buy) move for now but should anticipate a sell after the release of the Rate statement.


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