Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USDCAD declines sharply after BOC monetary policy, good to sell on rallies

Major resistance 1.31500

 

Major support - 1.30370

 

USDCAD has shown a massive sell-off after BOC monetary policy and Fed Chairman testimony. The BOC kept its rates unchanged at 1.75% and not in rush to change policy. US Fed Chairman was more dovish and reassured that there will be a rate cut in the coming months The policy divergence between the Fed and BOC is supporting the Canadian dollar. The pair hits a fresh 3-day low at 1.30420 and is currently trading around 1.30430.

 

The jump in crude oil prices above $60 is also supporting the Canadian dollar. Technically, on the flip side near term support is around 1.30370 and any violation below will drag the pair to the next level till 1.3000/1.2920 level.

 

The major trend reversal only above 1.31500 and minor resistance is around 1.3060/1.3090.

 

It is good to sell on rallies around 1.3075-80 with SL around 1.3125 for the TP of 1.2965.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.