ByGim Hong Lee
APR 23, 2021
- ECB monetary policy remains unchanged
- Central bank hints at more bond purchases
Chart 1: EUR/CAD D1 chart
The European Central Bank (ECB) kept its monetary policy at status quo during its meeting yesterday. The Pandemic Emergency Purchase Programme (PEPP) will continue to run until the end of March 2022 with a total envelope of €1,850 billion while the Asset Purchase Programme (APP) will continue at a monthly pace of €20 billion. However, the central bank expects that bond purchases under the PEPP will increase in the coming months. This led to the weakening of the euro.
On the other hand, the Bank of Canada has recently cut back on their asset purchase, resulting in the strengthening of the Canadian dollar. (Read this trade idea for more information) At the moment, EUR/CAD is trading around the 1.50 handle. With the strong Canadian dollar and the weak euro, look for selling opportunities of EUR/CAD if it breaks below the 1.50 handle.
Trade Setup for EUR/CAD (D1)
Sell Stop Order at 1.49800
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