BOC hiked overnight rate for the second time in a row. This was not all that unexpected but, judging by the magnitude of the move in Canadian dollar pairs, caught many wrong-footed. Rate statement does not rule out further hikes. Another hawkish hike by the bank.

USD/CAD spiked about 270 pips, to 1.2130, in less than a minute before pulling back. 1.2180 - 1.22 seems like holding for now. Some resistance may be encountered at 1.2250 and more at 1.23 - 1.2330. 1.25 should probably cap a stronger bounce.

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