USDCAD Analysis: Breaks all trend lines

Dukascopy Bank Team Dukascopy Bank SA

As Dukascopy Analytics already warned our audience, the rate announcement from the Bank of Canada caused massive swings in the USD/CAD currency exchange rate. The data release was covered by the Dukascopy Analysts on the bank's live webinar, where the swing was explained and taken advantage of by the present traders.

Regarding the technical analysis aspect of the fundamental event, it can be noticed that various technical levels still influenced the currency exchange rate during and after the event. However, they are far to many to be described in detail.

Meanwhile, it could be spotted by mid-Thursday that the rate was set to be squeezed in between support at 1.2590 and various resistance levels near 1.2610.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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