USD/CAD Technical Analysis: Greenback tanks 150 pips as Bank of Canada indicates rate hike will

• USD/CAD loses 150 pips on the back of the Bank of Canada hawkish tone.
• USD/CAD is now trading below the 1.2900 handle which is becoming resistance.
• USD/CAD is vulnerable to further losses if bears manage to keep the pair below the 1.2900 handle.

USD/CAD 15-minute chart

Spot rate:                 1.2876
Relative change:    -1.09%     
High:                         1.3041
Low:                          1.2850

Trend:                       Bearish

Support 1:               1.2868 May 24 low
Support 3:               1.2800 psychological figure
Support 4:               1.2740 swing low (May 22)

Resistance 1:         1.2900-1.2917 handle and swing high (May 24)
Resistance 2:         1.2990, last week’s high
Resistance 3:         1.3048 current week’s high