Did you know that The Forex or FX Market derives its name from Foreign Exchange. It is essentially the exchange of currency (money) between two different countries. The FX market is the largest financial market in the world, and is open 24 hours per day, 5 days per week. BlackStone Futures provide a User Friendly trading environment in YOUR journey to Profitability on:
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Today's Market Fundamentals
With little in the way of data to show some direction, and the market becoming bored of both the Brexit and trade war narrative – the morning was quiet. Instead it chose to focus on the Bank of Canada interest rate decision. The expectation was that rates would be left on pause for now, the market was prepared for a more dovish tone, and instead that tone was louder than that what was anticipated.
The BOC got growth expectations wrong and so instead of interest rates needing to rise over time to stoke inflation, council instead admitted that an interest rate below neutral may be a little more appropriate. The market had not priced this in and we saw severe weakening of the CAD.
In my opinion, this move is now overdone and I will be looking for opportunities to trade the CAD pairs today.
Today's Market Trading Levels
- USDCAD SELL 1.3430 – 1.3470
- GBPCAD SELL 1.7710 – 1.7740
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