The Loonie has proved in the week following the largest BoC rate hike in history. CAD/JPY is in a bullish breakout from a symmetrical triangle, while USD/CAD continues to trade lower from significant resistance.
The Bank of Canada’s historic rate hike last week, the first 100-bps hike in history and the largest since August 1998 , has helped the Canadian Dollar stage a rally through the middle of July. Whether or not the BOC retains its hawkish bias is another question, however, as policymakers have indicated that they’re front-loading monetary tightening.
For the near-term, at least, with global equity markets continuing to rally and stability in energy markets, the Canadian Dollar is on stable enough footing to continue to build on its strong performance in recent days. CAD/ rates are in the midst of a bullish breakout from a symmetrical triangle, while USD/CAD rates continue to trade lower from significant resistance carved out in recent months.Ahead of the symmetrical triangle breakout last week,the technical posture remains bullish. The aforementioned range called for a measured move higher above 108.00, which has not yet been achieved, thus exists the potential for another swing higher before exhaustion transpires. A move back above the June high at 107.
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