USDCAD rises post-BoC cut, tests 100-day MA at 1.3762
USDCAD advanced modestly following the Bank of Canada's expected 25 basis point rate cut, initially climbing above the 100-day moving average at 1.37623 to reach a session high of 1.3769. The Canadian dollar weakened as the BoC continued its easing cycle, though the pair's momentum quickly faded as traders took profits near resistance. The pair has since retreated below the 100-day MA, currently trading at 1.3758, re-entering a critical swing area between 1.37437 and 1.3759. Technical indicators suggest the pair faces immediate resistance at the 100-day MA and 1.3769 high, while support lies within the swing zone. The BoC's dovish stance contrasts with the Fed's upcoming decision, potentially supporting further USDCAD upside if the Fed maintains a hawkish tilt. Traders should monitor whether the pair can sustain levels above 1.3762 for continuation toward 1.3800.
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