USD/CAD plunges as low as 1.2146

USD/CAD fell more than 2.5 cents after the Bank of Canada decided to hike interest rates. It's a massive move that came in moments.

The decision was seen as a coin-flip with a slight bias towards leaving rates unchanged. Most economists also expected the BOC to show some patience and instead hike in October.

They chose to hike now and didn't rule out hiking more in the future.

"Future monetary policy decisions are not predetermined and will be guided by incoming economic data and financial market developments," the statement says.

USD/CAD fell in a straight line to the lowest since June 2015 after the announcement. The low that month was 1.2128 and is now acting as support. If it breaks, the May 2015 low of 1.1920 is in play.

At this point, it's tough to see anything slowing down the loonie. The bulls are in full-scale capitulation.

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