The USDCAD moved above the 100/200 hour MAs after the BOC said that they would raise rates by 25 basis points but would pause policy for a period of time. The gains fell short of the next topside swing area between 1.3436 and 1.3444. The inability to move above that level, and the subsequent rotation back below the 200 and 100 hour moving averages, has turned buyers into sellers. The bias is now more in favor of the sellers.
On the downside, the 1.3344 to 1.3358 area is the next downside target. Earlier today, the price tried to move below the level of that area only to bounce back higher. It will below 1.3344, followed by a run below the swing low from January 13 at 1.33204 would be needed to increase the bearish price.
This article was originally published by Forexlive.com. Read the original article here.