A quick look at USDCAD ahead of the BOC
The likely outcome from the BOC is a firm sitting on hands but if we get a move, what levels might come into play?
For a large chunk of 2016 we've been nicely following a steady uptrend. We've seen breakouts recently but once more we're back into the trend.
USDCAD daily chart
Near-term support is being found around the recent lows at 1.3235/50 but there's two levels on my radar around 1.3140/50, and the bigger 1.30. It's doubtful we'll see the latter numbers over this meeting though.
Intraday, 1.3300/10 is where resistance is placed now, and again against the trendline. That gives us two close enough levels to watch over the BOC and maybe trade with some confidence.
