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After relatively upbeat rate statement yesterday, Loonie hit the lowest level since last July. BOC governor Poloz was less upbeat at the press conference and the pair turned higher, helped by consolidating oil prices.
The pair cleared stops below strong 1.28 - 1.285 band (Q1 2015 highs, July and October 2015 lows) and stalled about 70 pips ahead of 38.2% retracement of the 2011 - 2016 uptrend. 1.30 - 1.3065 zone (2008 and 2009 highs) shall now provide some resistance.
The pair cleared stops below strong 1.28 - 1.285 band (Q1 2015 highs, July and October 2015 lows) and stalled about 70 pips ahead of 38.2% retracement of the 2011 - 2016 uptrend. 1.30 - 1.3065 zone (2008 and 2009 highs) shall now provide some resistance.
