USDCAD Higher After BOC Cut Interest Rates

USDCAD Daily Chart
USDCAD Daily Chart

USDCAD continues higher for the third consecutive trading session. Yesterday the Bank of Canada cut interest rates by 50 basis points to 1.25% from 1.75% in an attempt to support the economy amid the coronavirus outbreak. The Canadian dollar was under selling pressure after the BOC decision, with the USDCAD pair breaking above the 1.34 mark.

USDCAD is 0.27% higher at 1.3420 today as the bullish momentum for the pair is intact and higher levels might be on the cards. Immediate resistance for the pair would be met 1.3420 the daily high. The next resistance point stands at 1.3430 the high from yesterday’s trading session.

On the flip side, initial support for USDCAD stands at 1.3382 the daily low. More bids might emerge at 1.3325 the low from March 4. The recent double bottom at 1.3318 will provide the next support area.

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