USD/CAD attempts to retrace the decline from the monthly high (1.4667) after the BoC reduced the benchmark interest rate for the second time in March, with the central bank announcing a Commercial Paper Purchase Program along with plans to acquire Government of Canada securities in the secondary market. The BoC may attempt to buy time at its next policy meeting on April 15, but the dovish forward guidance may keep USD/CAD afloat as the greenback benefits from the flight to safety. USD/CAD may continue to exhibit a bullish behaviour over the coming days and may attempt to test the 2016 high (1.4690).
Looking at the chart, today's session looks very bullish with prices may seem to go up to test the downward trend line at 1.43 handle before any move further. Prices looks very stable trading above daily pivot at 1.4140 which might be a possible Long entry.