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USDCAD moves lower and tests 38.2% retracement/swing area after Bank of Canada rate hike

The Bank of Canada raised rates by 25 basis points to 4.75% from 4.5% ending their "conditional pause" period. The USDCAD moved lower after the report to a level of 1.33199. That took the price below the 38.2% retracement of the move up from the October 2021 low at 1.33314 and into a swing area between 1.3298 and 1.33203. The price is currently trading back up at 1.3349 as I type after holding near support. The price just before the announcement was trading at 1.3384.Looking at the daily chart,... Read More

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Content Topics

Usdcad

Moves

Lower

Tests

38 Retracement

Swing

Area

After

Retracement swing

Canada

Forex

Posted: Jun 7 2023, 14:16

Author Name: forexlive

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