Swing low area at 1.2654-79 area
The low for the week (and for 2017) reached 1.2679 after the BOC raised rates for the 1st time in 10 years on Wednesday.
That low was 2 pips above the June 23, 2016 swing low at 1.2677 (see yellow lower yellow area on the chart above). Below that level is the June 8th low at 1.2654.
The 1.2654-79 area is a support target to get to and through technically. The low in 2016 comes in at 1.2460. That is still a ways away.
Drilling to the hourly chart, the pairs correction after the sharp fall on Wednesday was not all that great, suggesting that the sellers remain more in control. The high price yesterday stalled ahead of the 38.2% of the move down on Wednesday. That is not that great.
Crude oil is higher today (up about $0.50). The high reached $46.72 (currently trading at $46.58). That too is helping the loonie (hurting the USDCAD).