Opinion on the USD/CAD pair

After yesterday’s so-called “Swing”, the pair USD/CAD demonstrates quite a moderate dynamics, while market participants estimate the prospects for further growth in the Bank of Canada’s discount rate. It should be noted that in the monetary policy report that was published yesterday, the Bank of Canada leadership did not give clear signals about the timing of the next interest rate hike, which disappointed market participants and put pressure on the Canadian currency. Today, the main drivers of USD/CAD are the dynamics of the US dollar and oil prices, which are a counterbalance to each other.

Technical analysis: The pair USD/CAD still moves in a downtrend. The main support levels are 1,2385, 1,2360. The resistance levels are 1,2510, 1,2550.

Fig. USD/CAD. Current price – $ 1.2468

Alexander Sivtsov