Bank of Canada raised the overnight rate to 0.75% from 0.50%. It was the first interest rate hike by the bank after seven years. The hike was widely anticipated but the bank surprised with a hawkish statement. I think at least one more hike is to be expected from them this year.

USD/CAD sold off nearly 230 pips (1.8%) before bouncing off of 38.2% retracement of the 2011 - 2016 uptrend. That is the support level to watch in the days ahead. On the upside, 1.28 - 1.285 looks like a decent area for shorting.

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