USDCAD trades higher and jumped more than 50 pips after BOC monetary policy. Bank of Canada has kept its interest rates unchanged at 1.75% and signals neutral stance. Recent economic data of Canada is line with Bank’s April Monetary Policy (MPR). The central bank guidance shows that chance of rate hike in coming months is less and further rate hike depends on country’s economic growth, developments in household spending ,oil market and global trade war. The pair hits high of 1.35465 and is currently trading around 1.35096.
On the higher side, near term resistance is around 1.3550 and any violation above will take the pair till 1.3585/1.36060.
The near term support is around 1.3455-70 and any indicative break below will take the pair till 1.3400/1.3350.
It is good to buy on dips around 1.3470 with SL around 1.3430 for the TP of 1.3585/1.3605.
