USD/CAD is over 1.21 after BoC

USD/CAD is over 1.21 after BoC

2021-06-10 • Updated

Chart H4

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Daily chart

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The Bank of Canada decided to keep the current policy unchanged as widely expected. However, the bank did not mention anything about tapering again in July. Moreover, the statement mentioned that the recovery still needs an extraordinary stimulus. This was enough to ease the downside pressure on USD/CAD. The pair managed to stabilize and bounced back right from our long entry at 1.2060 all the way to as high as 1.2125 earlier this morning. For the time being, we maintain our bullish outlook and our targets remain at 1.2145 followed by 1.22.

S3

S2

S1

Pivot

R1

R2

R3

1.1978

1.2037

1.2074

1.2096

1.2133

1.2155

1.2214

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