USDCAD stays within the red box

The USDCAD has reached a new low after the interest rate hike, but the price has since rebounded back up to 1.2691 currently near/above levels before the decision.

The new low for the day reach 1.26618. That was above the low extreme between 1.26496 and 1.26566. The price remained within the Red Box, that has kept the price mostly between 1.26496 and 1.27956 since January 26. It would take a move below that area - and the 100 day moving average at 1.26379 (and the Feb 10 low 1.26344 to increase the bearish bias) - to increase the bearish bias.

For now, however, with the price now rebounding, the pair remains confined, and the ups and downs may continue.