The USDCAD was firm on Wednesday, as the Bank of Canada commented on “persistent slack” in the economy while holding interest rates at 0.75 percent for a third successive time.
The USDCAD climbed 0.1 percent to 1.2449, easing off daily highs of 1.2484. The pair looks poised to test the psychological 1.2500 region, a level not seen since mid-April. Above 1.2500, the pair is likely to test the April 14 closing rate of 1.2592. On the downside, immediate support is located at the psychological 1.2300 level.