Domistock Tools Used: DomiStock’s Technical Rating System
Assets charted: FOREX USD/CAD (CAD=)
It’s been a while that DomiStock’s Dominant & Hedging Signal System pointed to accumulating selling pressure on USD/CAD and the Technical Rating System followed with continuous technical downgrades. The main macro reason for this market action was the anticipation for a rate hike by the Bank of Canada, which actually took place a couple of days ago and coincided with a downgrade to CC for USD/CAD, which is the lowest rate of all. Still, a couple of days ago DomiStock produced a price deflation alert and since then USD/CAD has gained some ground.