Poloz to Set Tone for Future Rate Increases: Decision Day Guide – CAD GOES TO ACTION TODAY.
Almost nobody expects Bank of Canada Governor Stephen Poloz to increase interest rates at a policy decision Wednesday, but attention will turn to clues for the timing of the next hike as the central bank tries to steer an economy that’s beginning to run up against capacity. All but two of the 23 economists surveyed by Bloomberg, including those from the country’s largest banks, predict the benchmark interest rate will remain unchanged at 1.25 percent. The central bank will also release new quarterly forecasts along with its decision at 10 a.m. in Ottawa, followed by an 11:15 a.m. press conference by Poloz and Senior Deputy Governor Carolyn Wilkins. Here’s a rundown of what economists will be looking for. Read More @ https://www.bloombergquint.com/business/2018/04/17/poloz-to-set-tone-for-future-rate-increases-decision-day-guide
THE WAR IS NOT OVER – Israeli airstrike in Syria last week targeted Iranian weapons
With tacit American support, the Israeli military targeted an advanced Iranian air-defense system at a Syrian base last week, said intelligence officials and others briefed on the matter, the latest sign the Trump administration is working with Israel to blunt Tehran’s expanding influence in the Middle East.
After conferring with President Donald Trump, Israeli Prime Minister Benjamin Netanyahu ordered a strike on the newly arrived antiaircraft battery to prevent Iranian forces from using it against Israeli warplanes carrying out increasing numbers of operations in Syria, some of these people said.
Israeli officials told the Trump administration about the planned strike in advance so that the U.S. was aware of their plans to directly target an Iranian base, according to two people briefed on the plans. Read More @ https://www.marketwatch.com/story/israeli-airstrike-in-syria-last-week-targeted-iranian-weapons-2018-04-17?siteid=rss&rss=1
What is the USD Index saying?
THE USD is obviously looking for direction; the pattern is still on the down side for now as the bearish H&S Forms. We maintain SELL for USD.
TODAY’S NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES.
Eyes are all on BOC – Band of Canada for rate decision.
- 4.30pm – UK CPI will create good volatility for GBP and we maintain BUY for GBP Pairs.
- 5.00pm – EUR will also get a great volatility and they release the CPI data; we believe the data should be all good for EUR to rally – we maintain BUY for EUR.
- 10.00pm – CAD will go to action when BOC release the rate and also the Monetary policy report – time for CAD to get stronger against the USD. We BUY CAD.
- 10.30pm – Crude Oil Inventories – OIL will start its way down moving forward as the oversupply starts; we move from BUY to SELL oil moving forward as the price touches the FIBO EQ.
- 11.15pm – BOC Press Conference – be mindful that there will be massive swings for CAD pairs. We maintain BUY for CAD Pairs.
Overall the market is cautious and looking for direction. Always maintain good money management.
High Risk Investment Warning:
Please note that Forex and other leveraged trading involves significant risk of loss, It is not suitable for all traders and you should make sure you understand the risks involved, it is recommended that you seek an independent advice, if necessary.