On Wednesday, the Bank of Canada made a rate statement, which created a long-unseen move. As a result, the US Dollar plunged by 170 pips or 1.36% against the Canadian Dollar.
As for the near future, the exchange rate is likely to make a pullback towards a resistance cluster formed by the weekly pivot point and the 50– and 200– hour SMAs at 1.2537.
A potential downside reversal from the resistance cluster, as mentioned above, within this session.
