Hawkish and No More QE Sends the USDCAD Lower

Just now, Bank of Canada delivered a hawkish stance and decided to end to the quantitative easing which sent the USDCAD drops 100 pips in 2 hours.

Based on the 1H chart, the drop of USDCAD was coincided by the test on the level of 0.236 Fibonacci which could indicate a continuation of the downtrend of USDCAD.