- USD/CAD loses 150 pips on the back of the Bank of Canada hawkish tone.
- USD/CAD is now trading below the 1.2900 handle which is becoming resistance.
- USD/CAD is vulnerable to further losses if bears manage to keep the pair below the 1.2900 handle.
USD/CAD 15-minute chart
Spot rate: 1.2876
Relative change: -1.09%
High: 1.3041
Low: 1.2850
Trend: Bearish
Support 1: 1.2868 May 24 low
Support 3: 1.2800 psychological figure
Support 4: 1.2740 swing low (May 22)
Resistance 1: 1.2900-1.2917 handle and swing high (May 24)
Resistance 2: 1.2990, last week’s high
Resistance 3: 1.3048 current week’s high