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USD/CAD Exchange Rate Prediction – BOC Takes Center Stage

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The USD/CAD was nearly unchanged ahead of the Bank of Canada decision. The expectations were for the central bank to reduce its bond purchase program. A strong labor market and robust housing and strong housing should bolster officials’ confidence. The dollar held its ground in the wake of stronger than expected U.S. confidence and robust housing numbers.

The dollar rebounded on Tuesday against the Loonie. Prices recaptured former resistance now short-term support at the 10-day moving average at 1.2379 Additional support is seen near the July lows at 1.2308. Resistance is seen near the 50-day moving average at 1.2593. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Home Prices Rose

The median new house price accelerated 18.7% in September to $408,800 from a year ago. Sales continued to be concentrated in the $200,000-$749,000 price range. Sales in the under-$200,000 price bracket, the sought-after segment of the market, accounted for only 2% of transactions. U.S. new homes surged to a six-month high in September. New home sales jumped 14.0% to an annual rate of 800,000 units last month, the highest level since March.

This article was originally posted on FX Empire

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