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FxWirePro: USD/CAD trades higher on dovish BOC, jump till 1.2920 likely

  • USD/CAD jumped almost 180 pips yesterday after BOC monetary policy meeting. The pair hits high of 1.28342 at the time of writing. It is currently trading around 1.28261.
     
  • The Bank of Canada has kept its interest rates unchanged at 1%. The Central bank dovish stance confirmed that there is immediate plan for rate hike.  The CAD OIS implied volatility of a Mar rate hike declined to 60% from 75%. The Oil prices dipped almost 3% from the high and bond yields dropping close to 4bp.
     
  • The pair has shown false break out below 1.2660 and jumped sharply from that level. The near term support is around 1.2745 (20- day MA) and any break below will drag the pair to next level till 1.2700/1.2660 (50- day MA). Any close below 1.2660 will drag the pair till 1.2600/1.2500.
     
  • The major resistance is around 1.2840 (200- day EMA)  top formed at    Oct 27th low and any further bullishness can be seen only above that level. The minor resistance is around 1.2747 (20- day MA) and any break above will take the pair to next level till 1.2800/1.2825 (61.8% fibo).

It is good to buy on dips around 1.2785-1.2790 with SL around 1.2745 for the TP of 1.29250/1.3000.

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