USDCAD falls after unchanged BoC; downbeat US Housing data pressured the greenback
|The pair fell sharply after Bank of Canada left interest rates unchanged at 0.50% as expected, but the greenback came under increased pressure after downbeat US Housing data in April.
Loonie hit fresh one-month high against the greenback at 3.3430, which lies near strong support provided by Fibo 61.8% of 1.3222/1.3793 rally.
Weakening daily studies suggest further downside which requires close below 1.3440 Fibo 61.8% support for bearish signal and may extend towards 1.3345/1.3300 (100 / SMA’s respectively).
FOMC minutes are next event that may further impact pair’s near-term performance.
Res: 1.3482; 1.3527; 1.3540; 1.3575
Sup: 1.3430; 1.3410; 1.3345; 1.3300
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