USD/CAD is over 1.21 after BoC
Read the article on FBS website
Chart H4
Daily chart
The Bank of Canada decided to keep the current policy unchanged as widely expected. However, the bank did not mention anything about tapering again in July. Moreover, the statement mentioned that the recovery still needs an extraordinary stimulus. This was enough to ease the downside pressure on USD/CAD. The pair managed to stabilize and bounced back right from our long entry at 1.2060 all the way to as high as 1.2125 earlier this morning. For the time being, we maintain our bullish outlook and our targets remain at 1.2145 followed by 1.22.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 1.1978 | 1.2037 | 1.2074 | 1.2096 | 1.2133 | 1.2155 | 1.2214 |