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The USD/CAD pair rebounded and at the moment of writing it was traded at 1.2647 level above the 1.2606 today's low. After its massive drop, a temporary rebound was natural. Still, in the short term, the bearish pressure remains high, so the currency pair could extend its drop.
Technically, it could only test and retest the near-term resistance levels before dropping deeper. USD/CAD turned to the upside after the BOC statement. As you already know, the Bank of Canada maintained its monetary policy unchanged. The Overnight Rate remained steady at 0.25% matching expectations.
As mentioned above, USD/CAD was too overbought, so the current rebound is natural and it was expected. It has found support on the 50% Fibonacci line of the Ascending Pitchfork. Now, it continues to stay near the weekly S2 (1.2658).
Still, as long as it stays below the Descending Pitchfork's median line (ml) USD/CAD could drop deeper. In the short term, the DXY is bearish, so it's hard to believe that the pair could develop a larger swing higher.
The rebound could be only a temporary one. USD/CAD could drop again as long as it stays under the S2 and below the Descending Pitchfork's median line (ml). The rebound could help the sellers to catch a new sell-off.
The USD/CAD pair signaled a downside movement after failing to close and stabilize above the 1.2836. The inside sliding line (SL) stands as a major downside obstacle. You should be careful these days as the US inflation data is likely to have a high impact.
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