"Current degree of monetary policy stimulus appropriate"
The USDCAD moved lower after the Bank of Canada said that the "current degree of monetary policy stimulus was appropriate".
Technically, the price quickly move below the 200 day moving average at 1.33077 and the 200 hour moving average at 1.3303 and the 100 day moving average at 1.32822.
The pair fell to a low price of 1.3267. That was near a lower trend line on the hourly chart.
Also in play is a swing level at the 1.32719-769 area.
If sellers can keep the pressure on (and move below the lower trend line and swing level), the next target for the pair comes in at 1.3246-50 area where swing lows from August 19, August 21, August 23 and again on August 30 stalled falls (see lower yellow area).
On the topside I would expect that if there is a corrective move higher, that the 1.3300 to 1.3303 would find sellers.
