USD/CAD, H4 8 March 2024
The Canadian Dollar experienced a notable resurgence as the market absorbed the hawkish sentiments emanating from the Bank of Canada. In its most recent monetary policy decisions, the BoC opted to maintain its interest rates at 5%, with the Bank rate and deposit rate held at 5.25% and 5%, respectively. The central bank affirmed its commitment to quantitative tightening, citing Canada's robust economic performance compared to other major regions.
USD/CAD is trading lower while currently testing the support level. Suggesting the pair might enter oversold territory.
Resistance level: 1.3535, 1.3620📉
Support level: 1.3430, 1.3345📈
The Canadian Dollar experienced a notable resurgence as the market absorbed the hawkish sentiments emanating from the Bank of Canada. In its most recent monetary policy decisions, the BoC opted to maintain its interest rates at 5%, with the Bank rate and deposit rate held at 5.25% and 5%, respectively. The central bank affirmed its commitment to quantitative tightening, citing Canada's robust economic performance compared to other major regions.
USD/CAD is trading lower while currently testing the support level. Suggesting the pair might enter oversold territory.
Resistance level: 1.3535, 1.3620📉
Support level: 1.3430, 1.3345📈