USDCAD has jumped more than 100 pips after BOC monetary policy. The Bank of Canada has kept its rates unchanged at 1.75% and hinted at the possibility of a rate cut in the near future on slowing US and global economies. The pair hits high of 1.32083 and is currently trading around 1.31688.
Markets eye Canadian GDP, core PCE and Chicago PMI for further direction.
On the flipside, near-term support is around 1.3130 and violation below will drag the pair down till 1.3070/1.3050. Major weakness only below 1.3020.
The major resistance is around 1.3235 and any indicative break above will take the pair to next level till 1.3300/1.3385.
It is good to buy on dips around 1.3138-40 with SL around 1.3080 for the TP of 1.3300.
