22 January 2020

22 January 2020

powered by Land-FX

Canada rate decision: Wednesday, 15:00. The Bank of Canada has left its interest rates unchanged throughout 2019 and it is unlikely to stray away from this trend in the first decision of 2020. While the labor market is off the peak of early last year, the recent jobs report was encouraging. Inflation – figures for December are due out shortly before the decision – has also been healthy. Overall, Governor Stephen Poloz, who is stepping down in June, will likely leave rates unchanged and signal satisfaction with the Canadian economy.

CAD
Canada rate decision

  • EURUSD

The chart above shows that the pair is about reaching a strong support level that is the uptrend line shown on the chart in green. Therefore, we will be waiting for some bullish evidence to show up above it then we can go long targeting the level of 1.1160. On the other hand, breaching the level of 1.1040 can open the door for further downward movement during the week that it might reach 1.0980.

Resistance levels: Support levels: Recommended:
▪ 1.1350
▪ 1.1300
▪ 1.1250
▪ 1.1040
▪ 1.1000
▪ 1.0980
We are bullish as long as the pair is traded above the uptrend line.
  • GBPUSD

As could be seen on the daily chart that the pair is traded above a strong support level that is 1.2900. Therefore, we are bullish as long as the pair is traded above it. Our first target is 1.3250.

Resistance levels: Support levels: Recommended:
▪ 1.3400
▪ 1.3350
▪ 1.3300
▪ 1.2900
▪ 1.3000
▪ 1.2850
We are bullish as long as the pair is traded above the level of 1.2900.
  • GOLD

As could be seen on the chart above that the pair is traded above a strong support level that is 1540. Therefore, we are bullish as long as the pair is traded above it. Our first target is 1590. On the other hand, breaching the level of 1540, opens the door for further downward movement during the week that it might reach the level of 1526.

Resistance levels: Support levels: Recommended:
▪ 1579
▪ 1575
▪ 1540
▪ 1526
▪ 1515
We are bullish as long as the pair is traded above the level of 1540.
  • AUDUSD

The chart above shows that the pair is traded below a strong resistance level that is 0.6930. Therefore, we are bearish as long as the pair is traded below it. Our first target is 0.6755.

Resistance levels: Support levels: Recommended:
▪ 0.7123
▪ 0.6988
▪ 0.6930
▪ 0.6755
▪ 0.6685
▪ 0.6650
We are bearish as long as the pair is traded below the level of 0.6930.
  • GBPJPY

As could be seen on the chart above that the pair is traded below a strong resistance level that is 144.20. Therefore, we are bearish as long as the pair is traded below it. Our first target in this case is 142.00.

Resistance levels: Support levels: Recommended:
▪ 146.50
▪ 146.00
▪ 144.20
▪ 142.00
▪ 140.50
▪ 140.00
We are bearish as long as the pair is traded below the level of 144.20

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