FXstreet.com (Barcelona) - The US Dollar has rallied against the Canadian Dollar, on the Back of the Bank's decision to lower its overnight rate by 50 Bps to 3.0%.
Immediately after the Bank released its decision, the US Dollar has jumped about 80 pips against its Canadian counterpart. According to Tatsuya Kawanishi, technical advisor at FXstreet.com : The USD/CAD shows a spike of over 80 pips after 50bp cut by the bank of Canada. The pair has broken the resistance level at 1.0145, showing a strong bullish momentum. Next resistance would be 1.0185.
The Dollar, at the same time, has risen against the Euro to 1.5909 from 1.5926, and against the Yen; from 103.28, to 103.44.