FxWirePro: USD/CAD trades lower on hawkish BOC, good to sell on rallies

• Canadian dollar shown a huge jump against U.S dollar after breaking 1.338 level. Loonie declined sharply till 1.32614 after BOC signals rate hike. It is currently trading around 1.32585.
   
• Canadian dollar trades higher against all major pairs after hawkish tone from Deputy Governor C.Willkins. BOC is encouraged by a broadening of economic strength and more than 70% of Canadian industries are expanding. The hawkish tone of BOC confirms rate hike earlier than expected in Q3 2017 (instead of Q1 2018).
   
• USD/CAD broken the major support 1.3380 confirms minor weakness but major bearishness can be seen only below 1.3220 level. Any break below will drag the pair down till 1.2968 (Jan 31st 2017 low).
   
• On the higher side, near major resistance is around 1.3380 (support turned into resistance) and any break above confirms minor bullishness and a jump till 1.3480/1.3570 is likely.

It is good to sell on rallies around 1.3300 with SL around 1.3380 for the TP of 1.3220/1.3000/1.2968.