Last night, the Bank of Canada decided to raise its interest rate by 25 basis points, bringing it to 4.75%. This move came after a pause in the tightening campaign during the two previous meetings. As a result, borrowing costs reached a level not seen in 22 years. Because most of the market, approximately 60%, expected interest rates to remain unchanged, the...
USDCAD has been moving in a rising channel pattern from the past one month from which it took a breakdown in the previous session. The price has given a daily close below the lower trendline, confirming an upcoming bearish move in the pair. The take profit is set at 1.31833 and stop-loss at 1.3193.
