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Forex News USD/CAD

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The pair is still testing 1.3345, let's see whether there will be a breakout or a double top at that level and then a new move south.
 
It formed a double top 1.3350 on the daily time-frame and started falling, I think we will see it drop towards 1.3200.
 
Downtrend wave started at 1.33822 on D1 chart shows continuation of downtrend. Sell stop orders at 1.31298 with TP1 1.30993 and TP 2 at 1.30846. However H4 chart still shows some rare chances of bounce back.
 
USD/CAD dollar Lower on ECB

The Canadian dollar is lower on Thursday. The loonie is trading at 1.3217 once the EU central bank (ECB) cut its benchmark rate and declared a relaunch of its QE program. The central bank will buy 20 billion euros a month of bonds in an attempt to spice up the eurozone economy. The Canadian dollar had a volatile day of forex trading at it had been caught between trade optimism and lower rates, that boosted stock markets and within the different hand doubts regarding an interim US-China trade deal and a falling worth of oil.

The Bank of Canada (BoC) control rates unchanged in Sept, however the speed differential and a powerful jobs market did very little for the loonie on a weekday. Risk aversion and appetite came in and out of the market with the final balance for the CAD was depreciation.

The US dollar was higher against the JPY, CAD, and NZD out of the majors, however during a fast reversal of earlier forex trading was down against European pairs. The move was not seen as a win for the ECB, even though Mario Draghi went all-in on the financial policy toolkit on the market as he's winding down his presidency. Christine Lagarde can take over in Nov with the herculean task to win over the market that no matter is left within the policy bag of tricks will boost growth.

Next week are all regarding the Fed, with a twenty-five basis points at close to 100% chance because it has been priced in by the market, however with large question marks on what proportion will the central bank bend to the need of the US president and also the market as US indicators show a additional sturdy image.
 

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