Canadian dollar falls across the board after Bank of Canada cut rates by 50bps. USD/CAD could post highest daily close since June if ends above 1.3400. The USD/CAD pair rose from a daily low of 1.3327, reached seconds before the announcement of the Bank of Canada’s (Boc) policy decision, to 1.3416, hitting the highest level since early Monday. The BoC reduced the key interest rate by 50 basis points to 1.25%. A cut was expected, the question was by how much. The move was more dovish than expected and weakened the loonie. As of writing, USD/CAD is hovering around 1.3400, holding above the 1.3390 resistance. A consolidation above 1.3400 could clear the way to more gains. The next resistance might be seen at 1.3435 and then at 1.3465 (last week high). While if the pair manages to slide back below 1.3390, the bullish pressure will likely ease. Prior to the decision, since Monday’s Asian session, the pair was moving in a range between 1.3390 and 1.3315. While currently trading above the upper limit, a confirmation of the breakout is yet to be seen. A somewhat weaker US dollar on Wednesday against commodity currencies, lower US yields, and the recovery in crude oil, could limit gains for USD/CAD. On the flip side, is the dovish statement from the Bank of Canada. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Canada: BoC do it again – TDS FX Street 3 years Canadian dollar falls across the board after Bank of Canada cut rates by 50bps. USD/CAD could post highest daily close since June if ends above 1.3400. The USD/CAD pair rose from a daily low of 1.3327, reached seconds before the announcement of the Bank of Canada’s (Boc) policy decision, to 1.3416, hitting the highest level since early Monday. The BoC reduced the key interest rate by 50 basis points to 1.25%. A cut was expected, the question was by how much. The move was more dovish than expected and weakened the loonie. As of writing, USD/CAD is hovering around 1.3400,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.