USDCAD Consolidates With Downside Bias Ahead Of BoC Meeting Minutes

Forex bank of Canada

The Bank of Canada will announce its benchmark interest rate and publish a rate statement today at 15:00 GMT. Interest Rate is expected to remain unchanged at 1.75%. BoC will also hold a press conference at 16:15 GMT.

Technical Analysis: The pair consolidates within 1.3035/1.3100 range with a possibility to break lower. Above 1.3100 will extend the corrective recovery to 1.3170 levels, further upside, resistance comes at the 1.3268 levels.

On the downside. Below 1.3035 sees a fall risk to 1.2962 levels. A halt is likely. Any rebound will be limited by 1.3035. However; A cut through 1.2962 aims 1.2875 levels.

In conclusion: The USDCAD continues to consolidate within 1.3035/1.3100 levels.

Support: 1.3035, 1.2962, 1.2875, 1.2815

Resistance: 1.3100, 1.3170, 1.3268, 1.3310

How to trade USDCAD?!
  • Sell Around 1.3100 levels after rejection…
  • In case of a sustained break above 1.3100, buy on the pullback to 1.3100…
  • Sell below 1.3035, wait for a cut below 1.3035. Then sell on the rebound to 1.3035 levels.

USDCAD Consolidates With Downside Bias Ahead Of BoC Monetary Policy Meeting