Usd cad .. what happened

All of a sudden USD/CAD spiked a whooping 823pips in 15mins…

What could have happened? Was there a news?

As you can see CAD fell across all pairs about 50-60 pips. BOC rates and announcement came out at 10am. Basically they’re a bit more cautious as the end of the 4th quarter was pretty dreadful and they’re trying to see if it’s something that persists where they may have to reduce the rate down the line. It was a more dovish tone I’m assuming and the markets are correcting itself.

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Because I asked similar questions here at the beginning of my forex-carrier and people were very helpfull i help beginners as well:

just take a look at the news release calender for today, look what was released at 16:00 hrs, than you know the answer! Before each trading session, allways a glance on the news calender-news overrule each technical signal!

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It’s not 800+ pips. The first 4 digits after the decimal point are pips. The 5th is 1/10th of a pip.

CAD is merely reaching for a recent swing high. Nothing to write home about. :blush:

To be more precise:
it was a combination of neutral CAD interest rate decission and positive news from US housing activities at the same time. That pushed the Buck upwards.

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actually i m looking to sell USDCAD, climactic vol and a possible bearish reaction now, and a fake break of 1.31 lvl. if it closes back in the range and vol is in the right place, i m shorting it(that s not advice to buy or sell lol, just what i m seeing on the chart). if the 1.31 is holding ad rejecting then longs are in place, all depends, plus now there s the conference so price might get a bit jumpy till it decides to follow the big money.

In my opinion there is no logic in market, because if everyone using logic in market ,everybody will get rich,
Someone will exploit logic to get profit,

Just be prepared


I agree to this- it seems like its impossible to anticipate it every single time.

Anyways, sometimes you just need to get lucky :slight_smile:

Do you guys think it will continue rising next week?

Like @QuadPip said, it’s reaching for a recent S/R level. I think it’ll turn around somewhere in this box:

Long term USDCAD I believe is bearish.

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Well due to the Coronavirus this went beyond my predicted area and is now sitting at the 1.33 S/R zone. Still seems to be some fuel left.

I’m waiting for the reversal to short this puppy.

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