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Canadian dollar is gaining grounds ahead of Bank of Canada monetary policy report

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Canadian dollar is gaining grounds ahead of Bank of Canada monetary policy report - forexspacex.com

Bank of Canada will be announcing its next installment of interest rate hikes later today. Investors have priced in a 75-basis point rate hike which will be from 3.25% to 4.00% as a result of the new fiscal policy. This is supporting the Canadian dollar and the domestic currency appreciated nearly 1% in the past two trading sessions against the US dollar. Market participants are waiting cautiously for the BOC governor and senior deputy governor’s statement which will be available through a press conference after the release of the monetary policy report. 

Important pivots to consider in the daily timeframe

PivotClassicFibonacciCamarillaWoodieDM
S31.177131.265531.358291.25000
S21.265531.299301.366391.27270
S11.324071.320161.374501.338401.33900
P1.353931.353931.353931.361101.36140
R11.412471.387701.390701.426801.42740
R21.442331.408561.398811.44950
R31.530731.442331.406911.51520

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