The pair moved above the high from yesterday at 1.3390 to 1.33953 area
The USDCAD has moved above the 1.3400 level to a high price of 1.34085 after the Bank of Canada took the extra step in cut rates by 50 basis points, The market had price in a 60% chance of a 50 basis point cut ahead of the decision.
The move higher has also extended above swing highs from yesterday and on Monday in the 1.3390-95 area. That is now a close risk level. For traders looking for more upside and a more conservative stop, the 100 hour moving average at 1.33737 will be eyed. The price today traded mostly between the 100 hour moving average above and the 200 hour moving average below before the decision.
