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Technical analysis

The Bank of Canada’s monetary policy meeting yesterday saw the interest rates unchanged at 1.75%. However, the central bank cut the GDP forecasts for Canada from 1.7% to 1.2% for 2019.

The BoC was optimistic that growth would pick up in the second half of the year. The removal of the hawkish forward guidance also weighed on the CAD which fell over 0.5% on the day.

TradeCAD

German Business Sentiment Weighs on the Euro

The business sentiment report from Germany came out softer than expected to impact the euro currency. The common currency lost 0.55% on the day as it plunged below the 1.1200 handle. The Ifo institute’s business sentiment report saw the index falling to 99.2 in April from 99.7. Meanwhile, French business sentiment report also weakened.

Euro Slips to 1.115 – What’s next?

The common currency fell sharply on the day and cleared the support level of 1.1200 to test 1.1150. The intraday charts point to a potential recovery, but the gains could be limited in scope. The previous lows of 1...


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