Canadian Dollar is trading as the worst performer for the week so far, after BoC raised interest rate by a final 25bps in the current cycle. A pause will follow for the impacts of previous tightening to pass through to the economy.
EUR/CAD’s breach of 1.4639 temporary top suggests that larger up trend from 1.2867 is resuming. Further rally is now expected as long as 1.4498 support holds. Next target is 61.8% projection of 1.3270 to 1.4591 from 1.4232 at 1.5048. Break of 1.4498 will bring more consolidations before staging another rally.
