USD/CAD: Daily close below 1.3224 would add to bearish sentiment – RBC CM

Analysts at RBC Capital Markets explain that they are watching key long-term trend line support at 1.3224 for USD/CAD pair as the reverberations from the BoC’s surprise shift to a hawkish bias on Monday settle in via repriced interest rate expectations.

Key Quotes

“A daily close below 1.3224 would add to bearish sentiment in USD/CAD and expose a strong area of congestive support at 1.3000 next. The 200-dma at 1.3337 serves as resistance.”