Bank of Canada decided to deliver a 50 basis points rate cut in an emergency move. Main rate was lowered from 0.75% to 0.25%. The move is aimed at supporting Canadian economy at times of the coronavirus outbreak. Before the cut, Bank of Canada held the highest interest rate among developed countries. USDCAD extended gain on the news and tested 23.6% Fibo level of the downward move started on March 19.
USDCAD tested 23.6% retracement after the Bank of Canada delivered a 50 basis point rate cut. Important resistance zone can be found near the 1.4180 handle. Source: xStation5
Economic Calendar: Markets Await Reports from Procter & Gamble and Western Digital 💡
Daily Summary: SpaceX and the tech sector drive Wall Street, oil retreats sharply below $97
Russia is selling off gold reserves. Why, to whom, and does it matter for the market?
BREAKING: US oil inventories fall more than expected, but distillate build cools enthusiasm