USD/CAD DAILY and 4 HRS TECHNICAL ANALYSIS

After surging past the key resistance around 1.2800 during the BOC rate statement, USD/CAD is forming a bullish flag pattern that suggests potential continuation. After all, the BOC decided to cut interest rates from 0.75% to 0.50% and lowered their growth forecasts. A break above the flag pattern around 1.2950 could mean a move beyond the 1.3000 major psychological level.

By Theodoros  Batsoulis
Technical Analyst
Risk Market
www.riskmarket.co.uk