BoC Rate reaction: USD/CAD attempts a bounce from 1.2420

FXStreet (Cocoa) – The USD/CAD is attempting a bounce from 1.2420 following the BoC rate decision that maintained its interest rate unchanged at 0.75%. The Bank of Canada also confirmed the status quo remains unchanged and developments are in line of its expectations.

Earlier in the day, the USD/CAD rallied from 1.2400 to trade at highs since April 15 around 1.2485. Then, the pair retraced to 1.2420 where it bounced to 1.2460 just after the BoC rate decision.

Currently, USD/CAD is trading at 1.2447, up 0.11% on the day, having posted a daily high at 1.2486 and low at 1.2392. USD/CAD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bullish.

USD/CAD levels

If the pair extends bounce further, it will find resistances at 1.2460, 1.2480 and 1.2500. To the downside, supports are at 1.2420, 1.2400 and 1.2360.

The USD/CAD is attempting a bounce from 1.2420 following the BoC rate decision that maintained its interest rate unchanged at 0.75%. The Bank of Canada also confirmed the status quo remains unchanged and developments are in line of its expectations.

(Market News Provided by FXstreet)