USD/CAD Technical Analysis: Loonie jumps after Bank of Canada raises policy rate to 1.5%
|- As it was widely expected the Bank of Canada (BoC) raises policy rate to 1.5%. The BoC remains data-dependent and said it was concerned by trade wars. USD/CAD lost about 60 pips in a knee-jerk reaction.
- USD/CAD is now trading down towards the 1.3066-1.3053 area, the weekly low and June 5, swing high where it can find some support.
- The BoC Press Conference can shed some more light on the Bank's intentions, it is scheduled at 15:15 GMT.
USD/CAD 15-minute chart
Spot rate: 1.3074
Relative change: -0.32%
High: 1.3176
Low: 1.3071
Trend: Neutral
Resistance 1: 1.3120 demand level
Resistance 2: 1.3155 June 18 low
Resistance 3: 1.3200 figure
Resistance 4: 1.3271 June 29 high
Resistance 5: 1.3350 figure
Resistance 6: 1.3388, 2018 high
Resistance 7: 1.3543 June 9, 2017 swing high
Support 1: 1.3120 demand level
Support 2: 1.3066-1.3053 weekly low and June 5, swing high
Support 3: 1.2974 May 9 high
Support 4: 1.2900 figure
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