Bulls managed to regain their lost positions on Wednesday after the pair initially crashed due to the fundamental event. The Bank of Canada hiked their interest rate from 1.25% to 1.50% and initially made the Canadian Dollar to strengthen against the US Dollar.
By the end of trading day, the USD/CAD currency pair has rallied 152 base points or 1.16%. Also, the rate breached all significant resistance. Namely, the 55-, 100-, and 200-hour SMAs and the combination of the weekly and the monthly pivot points respectfully.
Technical indicators favour bullish momentum to continue during the following trading session.
Interested in USDCAD technicals? Check out the key levels
- R3 1.3414
- R2 1.3315
- R1 1.3262
- PP 1.3163
- S1 1.3109
- S2 1.301
- S3 1.2956
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