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MarcellusLUX

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

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
MarcellusLUX Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Chart Patterns Beyond Technical Analysis USDCAD usdcadlong usdcadforecast usdcadanalysis usdcadbuy usdcaddaily usdcadsetup
54
17
trendanalysis chartpattern beyondta usdcad usdcadlong usdcadforecast usdcadanalysis usdcadbuy usdcaddaily usdcadsetup
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.
Trade active:
Bought@1.2482
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