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DOLLAR-CANADA: TECHS: Dovish BoC Ups Targets to YTD Highs
A surprisingly dovish Bank of Canada rate decision saw USD/CAD rally comfortably
north of the 1.3451-68 resistance band. This shifts bullish targets up to the
Dec31 high at 1.3665 but momentum will need to pick up further before this
becomes a realistic prospect. The BoC inspired rally stopped almost dead on the
76.4% Fib retracement of the 1.3665-1.3069 drop and this will need to be taken
out for bulls to grow longer legs. To the downside, bears need to clear the
100-dma at 1.3341, while a downside break of the 55-dma at 1.3323 would shift
the outlook negative, opening the March 19 low & triangle base at 1.3251/40.