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Technical Outlook

  

-USDCAD is near a strong resistance $1.37719, if the price breaks and retests above this zone traders may look for a valid buying opportunities.

-EURGBP has just broke the previous swing high and crossed the 50EMA. Traders can look for extra confluence in the lower time frame.

CAN (CAD): Canada Interest Rate Decision

Bank of Canada (BOC) governing council members come to a consensus on where to set the rate.Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.

A higher than expected rate is positive/bullish for the CAD, while a lower than expected rate is negative/bearish for the CAD

The previous Actual data was 5.00%. The forecasted data is 5.00%. The report is Wednesday, October 25, 2023, 19:30 GMT.

USDCAD Technical Analysis:

USDCAD was in a downtrend until the last of July, when it first formed a swing low(a potential support zone in future). For instance, the price went up, forming a higher high and lows, and went down drastically, forming the double bottom pattern.

The price moved up, trading inside the bullish channel. Price also broke above the 50EMA, which shows the market sentiment is bullish in the mid-term. The price surged 3.74% after crossing the MA. The overall trend is now bullish with a valid bullish trend line.

A support and resistance zone at $1.34406 and $1.37719 is crucial. However, after forming a swing high, the price went for a swing low, halting at $1.35788. The new swing low zone is a crucial level to watch, as if the price breaks below this zone, it may be under the seller’s control. But looking at the current situation, the price is going for another swing that would be a higher high.

Traders must wait for the break above the resistance level of $1.37719.

Pivot Points: USDCAD

  Support  Resistance
S11.3712R11.3721
S21.3706R21.3724
S31.3703R31.3730

EU (EUR): European Central Bank Press Conference

The European Central Bank (ECB) press conference is held monthly, about 45 minutes after the Minimum Bid Rate is announced. The conference is approximately an hour long and has two parts. Firstly, a prepared statement is read, then the conference is open to press questions. The press conference examines the factors which affected the ECB’s interest rate decision and deals with the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy. High levels of volatility can frequently be observed during the press conference as press questions lead to unscripted answers.

The conference will be held on Thursday, October 26, 2023, 18:15 GMT

EURGBP Technical Analysis:

EURGBP was in a downtrend, after which it went into a consolidation state. Price struggled to break above or below the 0.86666 or 0.85099 zone for quite a long. The 50EMA shows was breached, and the price started to trade above it, which later led to a successful break of the consolation state.

The price first formed its higher high at $0.87031 and went for a higher low formation. Here, the price took support from the 50 EMA and went up, crossing the most recent resistance zone(Swing High). A nice hammer was formed while retesting the broken level.

The RSI level is at 66.65, showing a inclination towards overbought. EURGBP Price looks bullish, and traders may go for the confirmation on the lower time frame.

Pivot Points: EURGBP

  Support  Resistance
S10.8700R10.8708
S20.8696R20.8712
S30.8693R30.8716

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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