Technical Analysis

The USDCAD has moved higher after the BOC rate decision

USDCAD tries to move above its 100/200 hour moving averages

The USDCAD has moved higher (CAD lower) after the Bank of Canada announced that they would like rates by 25 basis points to 4.5%. The central bank did signal that they would keep rates on hold which is helping to weaken the CAD at least initially.

Looking at the hourly chart, the price has moved back above the 100 and 200 hour moving averages at 1.3396 and 1.34034. The high price reached 1.34268, but that was short of the swing area near 1.3436 to 1.3444.

The price has rotated back down to retest the 100/200 hour moving average and has so far found support buyers

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