FXstreet.com (Barcelona) - The Canadian Dollar has reacted positively against the Greenback after the Bank of Canada decision to leave its interest rate unchanged at 0.25%. USD/CAD has fallen around 70 pips from 1.0870 to test 1.0800 level. Currently the pair is trading around 1.0825/35, 0.40% above today's opening price action at 1.0787.
The Bank of Canada has left its interest rate at 0.25%, a decision in line of market expectations.
The Mataf.net analyst team comments: USD/CAD is in a consolidation after the last bullish movement. The volatility rises. Bollinger bands are deviated. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bearish configuration. daily ForexSto (Modified Stochastic) indicate a bearish pressure on USD CAD. The price should find a resistance below 1,0880 (21 pips). The consolidation should continue.