USD/CAD plummets due to central bank

Note: This section contains information in English only.
Source: Dukascopy Bank SA


In general, the Bank of Canada hiked interest rates, increasing the demand for the Canadian Dollar in Canada, as all financial transactions using the interest rate now need additional 0.50%. On the USD/CAD charts it resulted in a move below the support zone at 1.2562/1.2566 and the 200-hour simple moving average. On Thursday, the pair was confirming the zone as resistance.

A potential decline of the pair is expected to look for support in the 1.2540 level, the weekly simple pivot point at 1.2528 and the 1.2500 mark.

On the other hand, a recovery of the US Dollar against the CAD would have to reach above 1.2566, before approaching the 50 and 100-hour simple moving averages near 1.2600.
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