USD/CAD up and away to 1.3420?

Currently, USD/CAD is trading at 1.3348, up 0.67% on the day, having posted a daily high at 1.3355 and low at 1.3251.

USD/CAD has picked up the pace through the 1.3320 level and is embarking on a break through aforementioned highs. Analysts at Scotiabank explained that the CAD’s softness follows Wednesday’s impressive 1.7% BoC-driven decline, sparked by Gov. Poloz’ press conference Q&A answer in which he suggested that interest rate cuts remained ‘on the table’. "Gov. Poloz also spent a considerable amount of airtime on the exchange rate, its historical relationship to the broader USD (typically moving in tandem vs. G10), and the need for a reconsideration of the relationship in light of growth and policy divergence." The analysts also highlight the absence of any meaningful resistance between 1.33 and 1.3420. "Support is expected at 1.3220."

USD/CAD levels

Spot is presently trading at 1.3348, and next resistance can be seen at 1.3355 (Daily High), 1.3416 (Weekly Classic R2), 1.3424 (Daily Classic R2), 1.3436 (YTD High) and 1.3538 (Weekly Classic R3). Next support to the downside can be found at 1.3341 (Daily Classic R1), 1.3278 (Daily 100 SMA), 1.3273 (Weekly Classic R1), 1.3271 (Yesterday's High) and 1.3268 (Hourly 20 EMA). 

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