USD/CAD slumps after hawkish BOC event, but a recovery is likely

Yesterday, BOC was more hawkish in their statement than expected.
Quite naturally, the Canadian Dollar appreciated against almost all the major currencies.

USD/CAD also took a hit and dropped more than 180 pips after the event.

However, you can see the price has been consolidating in a support level.
Chances are, this support level will hold and price will make a decent recovery.

So, a buy trade between 1.2470-1.2501 with SL below the support and TP at 1.2650
is quite possible.

Giao dịch đang hoạt động:

Bought@1.2482