Forex technical analysis: USDCAD tests resistance area after growth cut

1.3070 level tested

The BoC cut growth forecast for 2016 to 2.0% from 2.3%. Inflation risks are roughly balanced.

The USDCAD has moved higher - mainly from the growth cut it seems - and the pair tests the key resistance against the 1.3070 area.

There are a number of swing highs/low from 1.3063 to 1.3079 (on October 13th). The high price extended to 1.3073. Key test. So far holding the area...