Monday, June 19, 2017 3:00PM / MeriFX
Source: MERI FX
CAD: Senior deputy Governor Carolyn Wilkins said that the Bank of Canada is encouraged by a broadening of economic strength, which includes gains across 70 per cent of industries, she also added that the gains are something Canada hasn’t seen since before the oil-price collapse nearly three years ago. These statements among others were seen as a “hawkish” direction from the country’s central bank towards its first rate increase in nearly seven years.
JPY: The BOJ policy balance rate was kept unchanged with actual at -0.10%, previous -0.10% and forecast -0.10%. The BOJ governor, Mr. Kuroda’s speech at the BOJ press conference can influence the direction of the pair.
The pair has approached the 84.18-83.86 resistance area after a week of consistent rally except from on 14th June, 2017. The pair has also broken above its 53 days symmetrical triangle indicating a probable continuation of short term trend.
· if the pair closes negative with a bearish candlestick confirmation, we advise a “SELL”
· Stop loss at the high of the candlestick confirmation
· First target price at 81.42
· Second target price at 80.74
· If the pair rallies above the 84.18-83.86 resistance area and pulls back to it with a bullish candlestick confirmation, we advise a “BUY”
· Stop loss at the low of the candlestick confirmation
· First target price at 85.45
· Second target price at 87.40
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