The Canadian dollar softened as the Bank of Canada left its interest rate unchanged. A convincing break above December’s high (1.3700) would signal the end of the flag-shaped consolidation on the daily chart, bringing most buyers out of their hibernation. A bullish continuation would send the greenback to its five-month high of 1.3980 with 1.3850 as the immediate resistance. On the hourly chart, 1.3740 is the closest support and 1.3630 at the base of the current surge is a key level to keep the momentum going.
