USD/CAD already below 1.28 on the BOC hike

The Bank of Canada raised rates and also let us know it’s not a one-off move[1]. Dollar/CAD dropped from above 1.29 to 1.2820 but did not stop there.

The Canadian dollar tends to move slowly, providing opportunities for traders to jump on the waggon. We are seeing another example of this today.

At the time of writing, USD/CAD has reached a low of 1.2778, approaching the low point of 1.2760 seen back in August 2016. Another push, and we are at the lowest levels since June of last year.

The background is the accompanying press conference by Governor Stephen Poloz.

Get the 5 most predictable currency pairs[2]

from Forex Crunch

from Online Forex Trading Resource
View thesource article here


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