Loonie falls to one week low on Canada’s economy record contraction; BOC kept rates unchanged

Canadian dollar accelerated lower before Bank of Canada rate decision and fell to one-week low against dollar.
The central bank left interest rates unchanged at record low (0.25%) with loonie being strongly hurt by reports showing that Canada’s economy contracted by record 9% in March from the previous month, as economic activity was shut down in March due to coronavirus pandemic.
The USDCAD pair is on track for the biggest daily gains since 18 March, with fresh advance generating initial signal of reversal, which would require more evidence for confirmation.
Fresh bulls were so far capped by 20DMA (1.4133), which guards another pivotal barrier at 1.4165 (Fibo 61.8% of 1.4667/1.3855), with close above the latter, needed to confirm bullish signal for stronger correction.
North-heading daily momentum is touching the borderline of positive territory and stochastic emerged from oversold territory and ascending, adding to positive signals.

Res: 1.4133; 1.4165; 1.4200; 1.4261
Sup: 1.4046; 1.4015; 1.4000; 1.3975