The Canadian dollar weakened after the BOC left the current QE unchanged.
Following the pair’s bounce off the daily support at 1.2500, the break above the congestion area near 1.2640 suggests strong commitment from the buy-side.
Lifting offers at 1.2705 may have opened the door to the recent peak at 1.2950. However, the RSI’s overbought situation may temper the bullish fever in the meantime.
The former resistance at 1.2620 has turned into support to test buyers’ resolve.
