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Canadian Dollar strengthens sharply as BoC reduces weekly asset purchases to C$3-billion from C$4-billion

Real Time News
  • $USDCAD dropped sharply lower today as the Canadian Dollar strengthened following the BoC's tapering announcement. The pair dropped by over 100 pips, falling from above 1.2600 to below 1.2500. $USD $CAD #BOC https://t.co/MU3fk5XUqt
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.64% Wall Street: 0.57% Germany 30: 0.18% France 40: 0.16% FTSE 100: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hn1ydl5H6W
  • - Forward guidance is a commitment not to raise rates - There is still a long way to go until full recovery
  • - BoC is accelerating work on digital currency - Decision on digital currency would be the government's
  • With the BOC's update today, I'd shift the group to being the most hawkish relative to the other major central banks. Still the setting for all of the majors is very dovish though. All relative. https://t.co/3MQX5ILGzA
  • - BoC could slow QE further if projections pan out - Further QE adjustments will be gradual
  • FT: EU and India plan global infrastructure deal. $EUR $INR
  • BoC Gov. Macklem: - Third wave of Covid has introduced new uncertainty - Households and businesses have remained resilient - The BoC is more confident in the underlying strength of the economy #BOC $CAD
  • Greece to ease main lockdown measures in early May. $EUR
  • So much for $USDCAD's tentative break from its 13-month descending trend channel...again. Biggest daily drop since June 1st after the BOC takes a first step towards taper https://t.co/LPDmBlhFdL
Eur/Nok Oversold After Market Takes out Psychological Barrier; Look to Buy

Eur/Nok Oversold After Market Takes out Psychological Barrier; Look to Buy

Joel Kruger, Technical Strategist

Eur/SekRemains weighed down for now but we continue to like the prospects for a bullish resumption over the coming days. Look for setbacks to be well supported above 8.75, while back above 8.93 will confirm outlook and accelerate gains.

Usd/SekRecent setbacks have been well supported above the 200-Day SMA to further confirm constructive outlook and expose a break back towards the trend highs just over 7.00. Ultimately, only back under 6.60 delays outlook and gives reason for pause.

Usd/Nok Has come under pressure in recent trade but could finally be looking to base out after stalling well ahead of the 200-Day SMA. Look for a bullish reversal over the coming sessions, with the latest break back over 5.75 helping to confirm outlook and accelerate gains. Only back under 5.65 delays.

Eur/NokSetbacks have stalled by critical support at 7.50 and the market could finally be poised for some bullish price action with daily studies now stretched. Look for a break back above 7.57 to confirm outlook and accelerate gains. Ultimately, only a two day close below 7.50 would negate.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to jskruger@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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