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• USD/CAD initially gained but gave up most of the ground as investors digested Bank of Canada rate decision.
• The Bank of Canada cut its key policy rate by 25 basis points to 3%, marking its sixth consecutive rate reduction, bringing the total drop to 2 percentage points over the past seven months.
• The Bank also announced that its quantitative tightening program, designed to reduce the surplus liquidity from the pandemic period, will wrap up in March.
• At GMT 17:10, the pair was up 0.03% at 1.4407.
• Immediate resistance is located at 1.4479(Higher BB), any close above will push the pair towards 1.4535(23.6%fib).
• Support is seen at 1.4353(38.2%fib) and break below could take the pair towards 1.4288(Lower BB).
Recommendation: Good to buy around 1.4370, with stop loss of 1.4250 and target price of 1.4550
