USDCAD making a decision at Jan 2015 trend line
The trendline I highlighted before the BOC is finding itself the subject of a little battle. Before the announcement we hit the 61.8 fib on the nose at 1.2484 and the drop back below the channel bottom at 1.2438 was quickly soaked up
USDCAD H1 chart
We've flip-flopped around the line in the minutes following the announcement and are now a few pips below as I type. If we hold below then the downside beckons but I still think that any moves lower are likely to be bought up unless we see some general dollar selling, which we might be seeing now, looking around the prices
