The Canadian dollar rallies thanks to the Bank of Canada’s hawkish stance. A break above last month’s high and the psychological level of 100.00 has put the pair back on track after a 2-week long consolidation.
Sentiment remains overwhelmingly bullish as the bears hesitate to jump in. The loonie is climbing along a rising trendline and 101.00 from June 2015 high is the next resistance.
A pullback is likely to find support from trend followers. 99.80 coincides with the trendline, making it a congestion area.
