Chapter 1 Canada dovish USDCAD uptrand
It is a big day ahead for the USD/CAD. It’s all eyes on the Bank of Canada today, with a dovish 75-basis point rate hike supportive of a USD/CAD move towards 1.3300. The USD/CAD broke through the First Major Resistance Level (R1) at 1.3182 before easing back. In the event of a dovish BoC-fueled extended rally, the USD/CAD should test the Second Major Resistance Level (R2) at 1.3213 with an eye on 1.33. The Third Major Resistance Level (R3) sits at 1.3287.
