Approaches the 100 day MA at 1.31639
The BOC kept rates unchanged saying hikes depend on how oil and housing outlooks evolve. Nevertheless, the price of the USDCAD has moved lower - trading at the lowest level since December 4th. In the process, the pair is also moving toward the 100 day MA at 1.31639. The low price has reached 1.31793 so far.
I would expect that 100 day MA to be a tough nut to crack on the first test. So look for some profit taking/new buyers at the level but with stops on a break below. You have to respect the level.
The USD has been more weak over the last hour or so as well which is contributing to the fall.
The EURUSD has cracked above its 100 day MA at 1.14777 and ran higher. The USDJPY just broke back below its 100 hour MA at 108.424.