Moves to neutral policy stance
The USDCAD moved higher on the back of the more dovish statement and lower growth projections.
The price spiked quickly above the March high at 1.34667 and moved to a high price of 1.35199. We currently trade at 1.35048. On the daily chart, the 1.3570 area is home to a topside trend line. That would be a target on more upside momentum.
What would hurt the bullish break?
Driling to th 5 minute chart below, the 38.2%-50% of the last trend run higher comes in at 1.3478-1.34878. I like to use that as a proxy for the trend bias. Stay above and the buyers remain in control. Move below and the waters get a little more muddy. Look for bueyrs to lean against that area.