Canadian rate decision: The Bank of Canada kept its benchmark interest rate unchanged in March while monitoring “significant uncertainties” weighing on the outlook for the economy. Policymakers are worried that Donald Trump’s new economic policies, such as border tax and protectionist policies, will have a negative effect on Canadian investment and exports. The central bank expected stronger growth in the fourth quarter of 2016 according to positive GDP data. However, exports continue to face difficulties while wage growth has weakened.
CAD
Canadian rate decision
- EURUSD
Update: The pair managed to get back within the ascending channel. As could be seen on the chart that the pair needs to confirm the breakout of the downside of the ascending channel shown on the chart above. Then we can go short targeting the level of 1.0500 during the week. On the other hand, if the pair goes up again to be traded above the broken downside of the pattern and to be exact, above the level of 1.0640, we may go long targeting the level of 1.0700 during the day.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.0800 ▪-1.0900 ▪ 1.0950 |
▪ 1.0500 ▪-1.0600 ▪ — |
Waiting for the pair to confirm it’s next movemnet |
- GBPUSD
As could be seen on the chart that the pair is traded in a very narrow range that tends to be negative. We would also like to mention that the pair is facing a strong support level around 1.2350 so in case that this level is broken, we may go short targeting the level of 1.2300 during the day. Otherwise, we remain bullish that it may go up again targeting the level of 1.2500 during the day.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2500 ▪-1.2600 ▪ — |
▪ 1.2350 ▪ 1.2300 ▪ 1.2000 |
We remain bullish as long as the pair is traded above the level of 1.2350 |
- GOLD
Within an ascending channel the gold is traded and it is about to reach the channel’s upside. The final target of the gold is around 1300 so we remain bullish as long as the pair is traded above the level of 1270.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1290 ▪ 1300 ▪ — |
▪ 1270 ▪ 1190 ▪ 1180 |
We remain bullish as long as the pair is traded below the level of 1270 |
- AUDUSD
Update: We remain the same. A harmonic pattern could be seen on the chart above and the pair is facing a strong support level around 0.7455. In case the level of 0.7455 is broken, then the pair may continue going down to reach the level of 0.7415 during the day. Otherwise, we are bullish.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7720 ▪0.7800 ▪– |
▪ 0.7410 ▪ 0.7400 ▪ — |
We remain bearish as long as the pair is traded below the level of 0.7600 |
- GBPJPY
Update: The pair went down through the level of 137 but it did not close below it on the daily chart. This supports yesterday’s scenario. The pair managed to form a bullish harmonic patter that its (PRZ) could be found around 137.10 – 137. So, this suggests more downward movement during the day that it may reach the level of 137.10 then a pullback is expected to the level of 138.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 142 ▪ 142.70 ▪ — |
▪ 137 ▪ — ▪ — |
We remain bullish as long as the pair is traded below the level of 137 |
