USD/CAD: Main resistance aligns at the 1.25 level – OCBC

USD/CAD belated turned reactive to higher crude prices after given a boost by the latest round of hawkish Bank of Canada (BoC) rhetoric. Analysts at OCBC Bank highlights the levels to watch out.

Initial downside target at 1.2450

“After BoC’s Kozicki comments, the market started to price in 50 bps hike in the next BoC meeting.” 

“1.2500 will be the main resistance for now, with the initial downside target at 1.2450.”