There is one more trend line...
The Bank of Canada did cut rates by 25 basis points and the price has surged higher on the news. Looking at the daily chart, there is one more technical trendline that traders may lean against. That level comes against a line connecting the most 2015 highs fromJanuary and March. That line comes in at 1.2922.
The support now comes in at the 1.2848-65. This is the 38.2-50% of the move higher on the cut. If the buyers are to remain in control, they should show up in this area on a correction.
The move higher was 143 pips on the news. New buying took place near the highs it seems. The first minute went up to 1.2914. I don't know if much new buying (i.e. after the cut announcement) was done at lower levels. So there is that chance for the late buyers getting caught. If the new dip buyers don't show, there could be nervous longs, but look for buyers at the aforementioned support if things start to correct more/unravel (i.e., sell the fact)
