Technical Outlook

-The USDCAD pair is in an uptrend approaching 1.3643, with expectations of continued movement between 1.3643 and 1.3500 levels.

-The EURJPY pair is beneath the 165.22 resistance. Surpassing this could lead to targets of 167 – 168, while falling below the 162.62 support points towards further downside.

CA(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 reading was 5.00%, in line with the expectations. The upcoming report is due on April 10, 2024 at 13:45 GMT. Its forecast also stands at 5:00%

USDCAD Technical Analysis:

In the last trading session on Friday, the USDCAD pair experienced a significant uptrend, approaching the 1.3643 level in an attempt to surpass it. However, the pair closed the week just shy of this mark.

At present, the outlook suggests a continuation of this sideways movement of the ascending channel, specifically between the 1.3643 and 1.3500 levels. A successful breach above the 1.3643 resistance could catalyze the pair to target further gains, with an initial aim at the 1.3700 mark.

Conversely, a downturn through the 1.3500 support level would mark a bearish shift, potentially driving the pair towards new corrective objectives beginning at 1.3428 and extending down to 1.3390.

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Pivot Points: USDCAD

EU (EUR): Eurozone Interest Rate Decision

The six members of the European Central Bank (ECB) Executive Board and the 16 governors of the euro area central banks vote 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 EUR, while a lower than expected rate is negative/bearish for the EUR.

The previous actual data was 4.50% , similar to the forecast. The upcoming report is due on April 11, 2024 at 12:15 GMT and its forecast figure stands at 4.50%.  

EURJPY Technical Analysis:

The EURJPY is hanging in a bit of a balance at the moment, with things looking quite undecided. The pair is currently hovering beneath the 165.22 resistance threshold. Should we manage to leap past this barrier, the next big checkpoints are at 167 – 168 on the upside.

On the other side, if we find ourselves slipping below 162.62 support, that is the cue for downside, pointing towards the 160.30 support. The pair presents a waiting game right now, with these critical levels acting as our guideposts for what is coming up next.

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Pivot Points: EURJPY

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