Sell on a level breakthrough of 1.2440 with 1.2394 target. Stop loss = 1.2485.
Reason for the trading strategy
Yesterday, the Bank of Canada kept its key interest rate unchanged at 0.75%, as expected. According to the Bank of Canada, the current course of the monetary policy is more than acceptable at the moment. The country's inflation is kept at 0.8%, being closer to the lower boundary of the targeted range of 1-3%. The regulator believes it is connected with the low energy prices. The news is neutral for the Loonie. Today, it is worth paying attention to the publication of Canada's balance of payments for Q1 2015.