USD/CAD in fresh 2017 lows post-BoC, near 1.2850

Pablo Piovano FXStreet

The Canadian Dollar is gathering further steam today, now dragging USD/CAD to fresh lows in the 1.2860/50 region.

USD/CAD weaker on hawkish BoC

CAD derived extra support after the Bank of Canada raised its overnight rate target by 25 bp to 0.75% at today’s meeting, matching initial consensus.

The decision by the central bank fell in line with the recent shift to a more aggressive tone and it stays supported as well by positive economic developments in the domestic economy.

Later in the session, all the attention will be on the press conference by Governor S.Poloz.

USD/CAD significant levels

As of writing the pair is losing 0.49% at 1.2852 facing the next support at 1.2818 (low Sep.7) seconded by 1.2759 (monthly low Aug.18 2016) and then 1.2651 (low Jun.8 2016). On the other hand, a break above 1.2938 (10-day sma) would expose 1.3016 (high Jul.5) and then 1.3091 (21-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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