USDCAD tumbles after BOC says rates will need to rise to a neutral stance

Pair tumbles below technical levels and tests MA on 4-hour chart

The USDCAD fell below the 100 day MA on the announcement of a 25 basis point hike and the comment that the BOC would need to rise to a neutral stance.

The price also tumbled below its 200 hour MA (green line in the hourly chart above) and is now looking to test its 100 and 200 bar MA on the 4-hour chart at the 1.2988-92 area (see chart above).

Looking at the daily chart, a break below the 100 and 200 bar MA on the 4-hour will have traders looking back toward the 200 day MA at 1.2907 area as a potential target on a more bearish run. The low from October 16 comes in near that level at 1.2915.