Forex Signals Brief for Apr 24: BOC in Focus
Rowan Crosby • 2 min read
There is little doubt that it has been central banks that have really been making the big moves in forex prices recently. Many (if not all) appear to be making a big shift to a more dovish stance and that has certainly seen many of the majors come under a fair bit of pressure.
Today the attention will be on the BOC as they release their interest rate decision. The BOC is universally expected to leave rates unchanged so most of the attention will be on the statement.
Economists are expecting to see a cut to growth forecasts for 2019 and more of a neutral tilt on their forward guidance. For the most part that means the USD/CAD could see some upward pressure as the CAD could be weak. This goes hand-in-hand with a strong Greenback as this pair attempts to make new highs.
Forex Signal Update
The FX Leaders Team finished the session with two wins from four trades in a modest start to the new trading week.
Oil – Pending Signal
WTI has been strong all year in reality and keeps on holding key levels. $65 was the latest level to hold up and we are looking for long opportunities while these levels keep on holding strong.
Gold – Active Signal
GOLD has remained weak over the course of the last few sessions, weighed down to some degree from a strong USD and bullish sentiment. We have a bit of room in this one yet so keep a close eye on it.
As mentioned yesterday, Bitcoin was looking like it was all set for a big run of the $5,400 level and sure enough, that is what we saw.
BTC ran hard and pushed as high as $5,600 where price has found some resistance for the time being. Like I said yesterday, a break of resistance at $5,400 is bullish price action, particularly on a volume spike. So, for now, the long side continues to threaten.
The $6,000 level will provide a fair bit of selling pressure should it make it that far, but in the short-term, the bulls are in control.