FXstreet.com (Barcelona) - The USD/CAD has rallied after the Bank of Canada released its decision to cut interest rates by 50 basis points, and the Dollar has taken back the 100 pips lost ahead of the Bank's decision to reach 1.2950 and its on its way to test 1.300 (Oct 28 and Dec 5 high).

If the USD gets to remain above 1.3000, the pair will be at 4 year high,. Next resistance level could come at 1.3278/80 and above here 1.3400.

On the Downside, failure to take 1.3000 could drive the pair back towards intra-day low at 1.2800, and below there next support level comes at 1.2745, and once broken this level the Dollar could find support at 1.2710 and 1.2645