The Canadian Dollar Dominates The Headlines

• 7 Sep 2017

USD/CAD

The theme of today’s trading session will be a balancing of CAD pairs after the Bank of Canada decided to raise interest rates in yesterday’s monetary policy meeting. The USD/CAD pair dropped considerably after the news, however, today appears to be making a recovery. Price action has broken the lower Bollinger band and RSI has hit the 30 oversold zone indicating there may be a bullish reversal in today’s trading session.

EUR/CAD

Similarly, the EUR/CAD experienced a large sell-off in yesterdays’s trading session with a recovery somewhat underway, represented by the bullish candle in today’s trading session. RSI also has an upward trajectory having reached the 30 oversold line. MACD also remains above the zero line, indicating that sentiment is marginally bullish.

AUD/CAD

The Australian dollar, like most its peers, is beginning to make a recovery after breaching an almost 2 month low at the 0.978 price level. A break of the lower Bollinger band gives indication that price has reached a lower bound. RSI has hit the 30 oversold line, however MACD indicates that momentum has turned more bearish.

CAD/CHF

The CAD/CHF has broken a previous market top at the 0.778 price level and upper Bollinger band. RSI has flattened just below the 70 overbought line. Moving averages suggest there is still bullish momentum which is confirmed by MACD flattening above the zero line. Volume remains elevated indicating plenty of interest in the pair. There are no clear signs of a reversal at this point.