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Supporting factors for Loonie

Olymp Trade

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The Bank of Canada raised rates in July and September, but held policy steady in October. It would look to incoming data to assess the sensitivity of the economy to interest rates such as wage growth and inflation. Focus CPI and Core CPI in Canada at 20.30 p.m. These indexes can show the economy growth and inflation. In my opinion, 1.6% inflation is still in low level so the higher CPI may be positive for Canadian dollar.
At the same time will release building permits in the United State. U.S. economy in October seems good by some released indexes. Hence we will see how USD/CAD will move at 20.30 p.m. today. I suggest 1.2900 points as the resistance line, if U.S. dollar maybe stronger. Moreover, 1.2650 points as the support line, if Canadian data will be better.
Oil price maybe firmer after falling, if baker Hughes oil rig count in USA will decrease and it may support Wall Street to rising up. If Dow Jones closed higher on Friday, stock markets in Asia including SET may open higher on Monday.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade

Olymp Trade Review

Source: https://olymptrade.com
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