USDCAD moves initially higher on BOC decision

Written March 1, 2011 at 9:06 AM EST by  

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The BOC kept there rate unchanged today at 1%. The pair has moved through trendline resistance at the 0.9714 level and this will now be watched as short term support by intraday traders looking for a temporary bottom in the pair. The upside target is channel resistance at the 0.9755 level. A move above that targets teh 0.9788 level.

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