USD/CAD - Dropped Sharply After BoC Monetary Policy Announcement - 05/25/2017 (GMT)

One of the best performing currencies yesterday was the Canadian dollar which pushes the USD/CAD pair sharply lower after the Bank of Canada’s monetary policy announcement. Moreover, crude oil will drive the CAD today with the OPEC meeting getting a place. The plunge on the pair is driving the price towards our suggested target at 1.3375 near the 100-daily SMA (see technical analysis here: http://bit.ly/2qO6g2k). Moreover, the commodity currency pair may have a fall until the 1.3280 support level as in yesterday’s trading session it had a pullback on the 50-daily SMA.

In the same chart, the technical indicators head sharply lower within the negative territory. The Relative Strength Index (RSI) is falling after the rebound on the overbought zone while the MACD oscillator is strengthening its momentum into the bearish area as it is moving below both its zero and trigger lines.