The 100 hour MA and topside trend line remains as resistance
The Bank of Canada kept rates unchanged and said that rates would remain there until
“2 percent inflation target is sustainably achieved.”.
The USDCAD moved higher on the headlines but the move was contained by the 100 hour MA and topside channel trend line on the hourly chart at 1.3590. The high price moved to 1.35863. That topside trend line is moving lower on each successive hourly bar.
On the downside, the lower channel trend line currently comes in at 1.3554 (and moving lower) and it held support earlier in the session.