USD/CAD analysis (July 20)

The USD/CAD has been under pressure once again yesterday after the BoC rate decision. If the rate was confirmed at 1,00% as expected, the Central Bank has used a pretty hawkish tone which lead to a broader CAD support.
As a result, the pressure remains on the downside and we now expect a new test of multi-year low at 0,9450. With daily studies well oversold though, we are still contemplating the idea of a material base on top of these record lows but it obviously remains to be seen.